Any departments maintaining inventories for supply and resale must maintain an annual year-end inventory plan which outlines procedures for physical inventory count.
“The primary basis of accounting for inventories is cost, which has been defined generally as the price paid or consideration given to acquire an asset. As applied to inventories, cost means in principle the sum of the applicable expenditures and charges directly or indirectly incurred in bringing an article to its existing condition and location.” –American Institute of Certified Public Accountants, Bulletin 43, Chapter 4.
All UF Departments.