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 FIFO method, LIFO method and Weighted Average Cost method are three ways of valuing your inventory. In this lesson we're going to look at all three methods with examples. At the end of each period (month or year) one should do a physical inventory count to determine the number of inventory on hand.