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Do I have INVENTORY (yes/no)

JVG
2022-12-26

Question

Dear Sir/Madam,

I do not purchase goods for resale. However, I do purchase machines and tools (sandpaper, etc.) with which I create goods. I have invested heavily here so that I will be set for the coming years. But I don’t think this counts as inventory because I don’t sell it? The wood I use to make spoons is free. So this has no impact on my inventory?

It would be a huge help if someone could solve this.

Many thanks

No inventory, I would say. The wood would be inventory, but it's free (do you know of any other places where you can get free products? :D)

The machines and tools are not inventory, so no inventory in your accounts, I would say?

No inventory, I would say

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