Calculating Inventory Costs – An In Depth Exploration
December 2 | 10:00 AM - 11:30 AM
About this event
Join Liz Miranda for a deeper dive into inventory cost calculation as a follow-up to the previous (January 2021) webinar, to determine inventory cost by varietal, and potentially even more refined if desired.
Key Learning Objectives Will Include:
Quick review of content covered from January 2021 webinar (Members can contact NYWGF for a link to view that session online.)
Inventory Costs: Advanced Level Topics
- Setting goals for information desired by tracking by vintage and varietal
- Ensuring the end goal is measurable
- Tools needed to be in place for tracking costs over production period
- Discussion of all of the potential decisions and transactions that affect the cost of a single varietal
- Chart of accounts (Includes examples of a chart of accounts to support accuracy and quality of information – this goes into additional detail to address their end goal.)
- Methods to capture these costs
- Refinement of tracking costs by production center
- Growing costs – need for tracking costs by acres of vineyards, timesheets, data gathering
- Bottling costs – costs by ton of grapes and then by tank/barrel, including time sheets for labor, type of closure, bottle, label, etc.
- Cellaring – examining any additional time commitment, cost, including storage
- Focus on capturing data as transactions occur, identifying costs that set products apart
- How to calculate cost per case/bottle of each varietal
- Examples of calculating cost per gallon
- Specific details to include aging/cellaring costs (tank, barrel) and allotment of labor time
- Visual access to spreadsheet tool for calculating inventory value of varietal
- When do we stop adding costs? While 12/31 is convenient, it is not the correct cut off for the production period of the wine.
- What do we do with this information once we have it?
This is Webinar is available for FREE to Members and $50 for Non-Members.
About Our Presenter: Liz Miranda, Miranda Tax & Consulting
Miranda Tax & Consulting, LLC serves closely-held businesses and individuals in various industries with a specialization in the wine and craft beverage industry. Liz Miranda received her Bachelor of Science in Accounting from The College at Brockport, State University of New York in 2008. Additionally, she has her Bachelor of Arts in Music Management from Baldwin Wallace University. Liz spent 10 years with a large regional firm, and then 2 years at a small, local firm before deciding to start her own business. Liz is a member of the Association of International Certified Professional Accountants and enjoys speaking at the annual B.E.V. NY conference hosted by the Cornell Cooperative Extension. She has served on various not-for-profit boards, most recently the Canandaigua Wine Trail, as well as Madrigalia and Webster Theatre Guild.