My department keeps a supply of items on hand for sale to other University departments, students, faculty, staff and the public. How should we handle this issue?
A. Campus units must maintain appropriate inventory control of each item of merchandise for resale. Use of a perpetual inventory system is the preferred method of inventory control and valuation. Campus units must complete a physical count and valuation of merchandise for resale at least once each year and report the results of that physical count to University Accounting and Financial Reporting, generally on the Fact Sheet submitted at year-end. See Section 5.8 of the OBFS Financial Policies and Procedures Manual for further guidance on this issue.
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