1/3/2023 0 Comments Inventory plus![]() If Absolut Vodka costs the bar $15/bottle, then 8.3 bottles of inventory usage in dollars equals. The final step is to record an ending inventory for every item at the bar at the end of a time period (usually weekly or monthly).įor this example, let’s say we finished with an ending inventory of 3 bottles of Absolut Vodka. Step 3: Subtract Your ‘End-of-Period’ Inventory If 5 bottles were ordered and received from your distributor in the time between your starting and ending inventory, then this would represent your received inventory. Next, we add in any received product inventory. Step 2: Add Any Received Product Orders During the Time Period The first step for calculating inventory usage is recording your starting inventory for every item at the bar.įor example, if there are 4 bottles of Absolut Vodka in the liquor room, 1 bottle in storage, and 1.3 bottles at the main bar, then total starting inventory is 6.3 bottles. – Ending Inventory Step 1: Take a ‘Beginning-of-Period’ Inventory Your inventory usage is equal to your starting inventory plus any received product orders minus your ending inventory: Let’s start with the inventory usage formula. ![]() That may sound simple, but this report is the first step in almost every measurement of a bar’s performance: helping you calculate profit margins or pour costs, detect over-pouring or theft, calculate pars, and find which products are performing poorly. #INVENTORY PLUS SOFTWARE#If your bar management software or inventory spreadsheets are set up correctly- we’ve got a bar inventory template for you if they’re not-you should be able to access an inventory usage report. To do this, you must understand inventory usage, or how much product a business has used over a time period. Economists of the Association do not see home prices falling in the near future, but rather expect prices to go up to $402,000 in the second quarter.Successful bar managers will tell you that efficient inventory management is the key to maintaining a profitable bar. The Mortgage Bankers Association recently reported the median sales price of an existing home to be $361,400 in the first quarter. However, the median sales price of these homes reached a record high of $416,000 in June, up 13.4% from a year ago.” And the good news for buyers is that the 30-year fixed-rate mortgage fell from 5.74% to 5.43% from the prior week.Ī recent Forbes article stated, “Existing-home sales dropped 5.4% from May to June, marking the fifth consecutive month of declining sales, according to the National Association of Realtors (NAR). These applications, even those to refinance, increased by 2% week-over-week. Putting this in perspective, the average single-family home increased in price by only 3.1% year-over-year from September 2018 to September 2019.Ĭertain current data supports the current pricing levels, as seen in the total demand for 30-year fixed mortgages, which increased 1.2% from the prior week. This represents an appreciation of over 61% over that period. In the big picture, look at the average price of a home sold in September 2018, which was $396,000, as compared with a single-family home sold in June of 2022, which was $638,000. The New Jersey average price for a single-family home has steadily grown by double digits for the last 30 months. One of the beneficiaries of that migration has been New Jersey, which has increased in population by over a million in the last 3 years. The mega metro areas, including New York and San Francisco, have led to individuals seeking out more affordable housing solutions. This rise in rents is obviously the result of rising mortage costs, as typical monthly mortgage payments are 75% higher today than it was in June 2019, according to a report by Zillow. But the other positions, including San Jose and Oxnard, California, came in at over 4,200 a month. ![]() An unlikely number three was Bridgeport, Connecticut, which reported the average rent for a single-family home at $4,352. Los Angeles and San Diego took the two top spots, coming in at over $4,600 a month. This represents a 13.4% increase year-over-year. A recent article put out by HouseCanary, reported that for the first half of 2022, the average rent for a single-family home dwelling rose to $2,495 a month. 6%, which translates into an increase in the price of a home to 7 2%, year-over-year.īut the single-digit increase for 2023 may not hold, for the simple reason that if inflation continues its current trajectory, that will translate into a higher cost of living, which will then put pressure on rents. It appears that this rate is slowing as the rate from May to June was only. Less week CoreLogic reported that the average home price increased by over 18% year-over-year. ![]() Overall, inflation is a factor hitting all sectors of the economy, real estate included. ![]()
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