“Consumable commodity” means and includes all tools, equipment, materials, supplies, chemicals, repair parts or other commodities which are acquired in contemplation of providing public service and will be so consumed in the operating, maintaining or administering of public facilities or programs and by reason of their nature do not fit within the definitional framework of a fixed asset.

“Fixed asset” means and includes any property, real or personal, or any other tangible asset, which has an initial cost of $5,000 or more and a useful life expectancy of three years or more.

“Inventory” means and includes all consumable commodities which have been acquired and remain on hand for future use.

“Inventory record” means a written record or listing of all inventories. Such record shall include an adequate description of the commodities, the quantities on hand as of a given date, and the unit cost of each unit on hand. The first-in-first-out, average cost or actual unit cost method as customarily used in determining the cost for inventory purposes shall be used. (Ord. 19036 § 1, 2-12-08; Ord. 17680 § 1, 5-15-01; Ord. 17226 § 125, 1-27-98. Code 1995 § 2-446.)