Depending on the circumstances, the Judge may or may not grant that request. You should ask the IRS attorney if he or she will agree with the request for continuance and you should let the Tax Court know if there is any objection. The Judge may or may not grant your request for continuance.
If differences exist, then adjustments should be made to get the accounting counts to match the warehouse counts. A full physical inventory is usually performed when all inventory movements are stopped to ensure better accuracy. Cycle counts represent a procedure to validate inventory quantity in the accounting system through regular partial counts.
The days sales in inventory calculation, also called days inventory outstanding or simply days in inventory, measures the number of days it will take a company to sell all of its inventory. In other words, the days sales in inventory ratio shows how many days a companyâs current stock of inventory will last.