I'm not trying to be a smart alec and I don't mean to imply that I know anything special. You probably already know this, but at the risk of stating the obvious, here goes.
When a retailer prices his inventory, he generally uses one of two methods. The two most common methods for valuing inventory are called "First In, First Out" (FIFO) or "Last in, First Out" (LIFO). If he is using the FIFO method, The COST of the stuff that he sells is based on what he paid for it when he bought it, possibly a long time ago. His profit then, is based on what he sold the merchandise for today, minus the cost of the merchandise, possibly from a long time ago. If he bought it cheap and sold it for a high price, he made a profit. If he paid high when he bought the stuff and sold it low today because that's the market, he lost money.
If he uses the LIFO method, the COST is what he paid for the most recent merchandise that he bought for resale. If he bought some stuff last week and sold it today, his profit will be based on the difference between what he paid for the most recent purchase of merchandise minus what he sold it for today.
So, I guess what I'm trying to say is, the business of buying and selling merchandise is not simply a matter of what something is costing to buy for resale today versus what the merchant is selling it for today.
But you probably knew all of that and more. Please forgive me if I've come across as a "know-it-all." The truth is I'm actually a "know-almost nothing-at-all".
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Today's Featured Article - Grain Threshing in the Early 40's - by Jerry D. Coleman. How many of you can sit there and say that you have plowed with a mule? Well I would say not many, but maybe a few. This story is about the day my Grandfather Brown (true name) decided along with my parents to purchase a new Ford tractor. It wasn't really new except to us. The year was about 1967 and my father found a good used Ford 601 tractor to use on the farm instead of "Bob", our old mule. Now my grandfather had had this mule since the mid 40's and he was getting some age on him. S
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