302 PRINCIPLES OF FARM PRACTICE 



special records like feed, labor and production records, are 

 necessary. 



The inventory should include every item and its value in 

 connection with the farm business. Such materials as feed 

 should be weighed or measured to secure accuracy. In 

 practice, the entire farm may be gone over systematically 

 and the various items listed. The items on this list may 

 then be classified and entered on the inventory sheet, and 

 the value of each written in. The inventory is complete 

 when all the items are entered and the sum of their values 

 determined. The essential features of an inventory are indi- 

 cated in the following example : 



INVENTORY 1918 1919 



Real estate (farm, etc.) $14,000.00 $14,000.00 



Cattle: 



Dairy 600 . oo 600 . oo 



Beef .' 2,000.00 2,200.00 



Horses 1,200.00 1,180.00 



Hogs 600 .00 770 . oo 



Poultry 5- 75 - 



Machinery and tools 700.00 675.00 



Feed 900.00 1,100.00 



Seed 100.00 150.00 



Other supplies 75 - 60.00 



Cash 300 .00 250 . oo 



Bills receivable 5 00 - 00 1,200.00 



Total investment $21,025.00 $22,260.00 



Bills payable (deduct) 400-00 



$20,625.00 $22,260.00 



Increase (profits) 1,635.00 



$22,260.00 $22,260.00 



Cash record. This should include all receipts and ex- 

 penditures. When money is received or expended, the amount 



