15xxxx / 19xxxx: Inventories
Inventories represent the cost of goods purchased which will be stored until issued for use. At Duke University inventories are valued by the weighted average cost method, except for inventories of the retail stores which are valued by the retail method. A physical inventory count should be taken at least once a year.
Entries to these G/L accounts should be made only by the department in charge of the inventory.
II. G/L ACCOUNT DEFINITIONS
- Room 0612 - Pharmacy Reserve Storage
- Room 0412 - Walk-in Refrigerator
- Room 0415 - Pharmacy Narcotic Cage
Represents office machine supplies for resale to Duke community held by Office Products.