On Fri, 07 Jul 2000, John Hasler wrote:
> Richard Wackerbarth writes:
> > Besides, "milk" and "sugar" are poor examples. They are seldom sold by
> > the gallon (pound) but rather by the "container".
>
> Actually, milk is sold by the hundredweight (my neighbors are presently
> complaining about the price). Not sure about sugar.
Oh, at THAT level :) I was describing the retail consumer transaction.
Actually, it isn't necessarily sold by the hundredweight. It make be PRICED
by the hundredweight and sold by the quarter pound.
The same thing is true of "futures" and bonds. If I recall correctly,
'beans are sold by the freight car load but priced by the bushel.
> > There is certainly roundoff in the computation of what a transaction will
> > be. But the books show the EXACT amount recorded for the transaction.
>
> Yes. A bookkeeping system records actual transactions, not the product of
> price and quantity. Buy one share of Gnucash, Inc at 9-7/8 and your broker
> will bill you something like $9.88 plus $11.00 commission, and that's what
> you need to record.
> I have inventoried commodities that were measured in fractions, but never
> to more than two decimal places.
But they were inventoried in a common unit if they are in the same inventory.
You would not have both 3 1/8 bushels and 4.02 bushels on the same ledger.
At some point, they would be redemoninated to a common unit, perhaps 3.12 and
4.02.
> Now I get to deal with the fact that my coop accepts corn into storage by
> the bushel and returns it to me by the pound. Sort of like having your
> bank report deposits in old pounds and withdrawals in new.
But I am sure that they do the exchange at the time of entry or withdrawal.
If you ask for your balance in storage, it will be either so many bushels or
so many pounds.
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