Help please: accounting of inventory ?

[NewAccountant]

hello,
I've got my first job recently in a new company which has just started its activity in fashion and designing
I work as an accountant with no previous experience so I hope that I get your help in the following:

1/ the company doesn't has a system for the inventory accounting, so I don't know where to start ???
should I start by giving a code to each item according to type, size, color... etc ...?
Is the weighted average method suitable to evaluate these kind of materials?
it would be very helpful if i could find a spreadsheet for it.

and I'm using GnuCash accounting software...


2/ I'm not sure how I can combine between the cost accounting system to help in the process of pricing the final products by preparing a cost report in one hand,
and in the other hand in the financial accounting system, the used materials will appear as an expense in the income statement while the closing inventory will appear as an asset <<< right???!
so will these two systems be separated or what??

3/ punchers, telephone wires and plants that used to decorate the company.... are they considered as assets???


please excuse me if you find any mistakes, I'm trying to learn English.



thank you

 

[Counterofbeans]

Question: Is your company COUNTING their inventory on a timely basis?

My experience has been that the absolute best companies are those that count and monitor their inventory very closely. Overwhelmingly, these are the companies that count their inventory daily and reconcile their counts to the system (this would be called a, "perpetual" inventory system). Periodic systems are fine, but I don't find them anywhere near as effective. (This isn't a shot, I realize that some companies have good reasons for periodic systems, but I've never seen those systems work as well).

Let's start here and work forward...

As far as #3 is concerned, I wouldn't even waste my time accounting for those (i.e. I'd likely expense those items immediately, for they are either immaterial or have no future economic benefit). The only possible exception is the telephone wires...that smells like it could be related to a much larger fixed asset, in which case I'd capitalize that in conjunction with the larger fixed asset (the phone system?)