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Per item cost basis, sourcing trips, and stock that is never the same twice.
Resale breaks every assumption built into normal inventory thinking. There is no reorder point, because there is only ever one of the thing. Every item has its own cost basis, bought on its own day, often in cash at a car boot or an auction. Average cost means nothing here.
Sourcing is a cost that hides in plain sight. Fuel to the fair, the pitch fee, the auction commission, the hours spent looking. None of it attaches neatly to any single item, but all of it has to come out of the margin somewhere.
The other awkward thing is time. An item might sit for a year and then sell for a very good price. That is not a failure, it is how the trade works, but it makes cash flow lumpy and makes it easy to confuse a good month with a good business.
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