A Guide to Understanding the Inventory Appraisal Process Written by:                                           Scott M. Creel, ASA                                                             Jackie L. Montalvo, ASA Contributing Writer:                             Rick L. Garren Production:                                          Lynn Phillips Goodwin Editor:                                                  Brenda Wagner Editorial Assistants:                              Wanda Kinney-Canary, ASA                                                             Jilleen S. Woelfel                                                             Carolyn Gallegos Published by:                                       Value Resource Group, Inc.                                                             109 Shepherds Glen Road                                                             Heath, TX 75032 E-mail Us at:                                        vrg@vrgappraisal.com © Copyright 2001-2008 by:                    Scott M. Creel, ASA                                                             Jackie L. Montalvo, ASA                                                 All Rights Reserved.  The information contained in this book, A Guide to Understanding the Inventory Appraisal Process, is protected by copyright.  Except as specifically permitted, no portion of this book may be distributed or reproduced by any means, or in any form, or by any electronic or mechanical means, including information storage and retrieval systems, without prior written consent from the copyright owners. Printed in the United States of America Revised:           February 6, 2008 Preface Every item of tangible personal property is, was, or will be considered inventory at some time and, being that inventory can include just about anything, how it is valued depends on many factors that the appraiser must evaluate.  While the personal property appraiser establishes what the item is first, the inventory appraiser’s initial investigation is to determine the level of trade, which conceptually is the fundamental cornerstone in the valuation of inventory.  Throughout this guide, there will be an in-depth discussion on inventory applications and distinctions from an inventory appraiser’s perspective.   To view each chapter in VRG's book, "A Guide to Understanding the Inventory Appraisal Process", go to the chapter headings listed below. ·        Implications of the Level of Trade Concept for Inventory ·        Cost Reporting for Inventory ·        Cost Method for Inventory ·      Cost Structure and Adjustments to Cost for Inventory ·       Production Planning System for Inventory ·        Approaches to Value for Inventory ·        Accounting Systems for Inventory ·        Estimating Systems for Inventory ·       Testing for Inventory Count Accuracy ·        Reconciliation of the Cost Approach for Inventory ·      Value Application for Inventory ·        Locational Impact on Value for Inventory ·        Aspects of Disposal for Inventory ·        Requirements for the Inventory Appraiser ·       Inventory Appraisal Requirements ·        Inventory Definitions & Explanations of Value ·       Inventory Glossary of Terms