u/ImposterBk

I have an aftermarket hitch. Last summer, we were driving with our cargo carrier with a bunch of suitcases lashed on, and we were informed by a police that covering the license plate was a no-no (but he kindly gave us a pass). Is there a good way to use a cargo carrier on the Niro and stay within the law? Do I need to remove the license plate and put it in the rear window for such trips? Maybe affix it to the back of the carrier, although that's not ideal. I don't think the carrier has a great spot for it, and it would be extra work to transfer the plate back to the car once we got to our destination and removed the carrier. Will states issue a third plate?

I'm dipping my toe into the world of flipping goods, and I just won my first storage auction. This involves paying for the foreclosed unit and clearing it out, then sorting and reselling what I reasonably can. I'm tracking the actual inventory and sales details in a spreadsheet, but I'm a little stuck on how to manage the business end of it in my bookkeeping. I use Zoho Books.

As I understand it, when I buy a storage unit, I'm debiting inventory and crediting cash (or credit card). This creates the inventory asset. Then as I sell things, there are to be two entries: debit cash and credit sales revenue to recognize the revenue, and debit COGS and credit inventory to recognize the expense of that revenue and decrease inventory.

Where I'm having difficulty is in understanding how to manage the profit itself. Am I to chip away at the inventory cost as I sell things until it goes to zero? And then stop debiting COGS and crediting inventory after that? Or should I create value in the inventory by estimating the resale value of the items and then chip away at that as things sell? If so, how would I show the "created" value?