Sorry to hear you got hosed.June 3 2004 at 6:33 PM
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Response to Accrural.
I'm assuming she's a CPA, which makes such a glaring oversight hard to fathom in this post-Enron era of accounting.
It's common practice for most accountants (CPA or not) to create inventory schedules and monitor them throughout the year. You certainly can't evaluate COGS without knowing the value of your inventory, and you can't value your inventory if you don't know what you have on hand. That's one of the easiest, slam-dunk tasks of an accountant, and I'm stunned that she wasn't keeping up with it.