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Fixed Asset, Expense or COGS - Sub $500 business items to keep track of

I have a lot of sub $500 items I buy for use in my business.  They could be considered equipment or tools.   I may keep them beyond a year or sell them.  I wanted to keep track of them as inventory items because I can easily print a report of what I own, and see a total of their retail value.  

Would these be better to keep track as fixed assets?  If so could would I use the "furniture and equipment" fixed assets account when I purchase them?  Would my account be able to do a group depreciation on all these items if there is a lot of them or does depreciation have to be itemized?  They are quite small, sub $500 value.

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