Held for sale in the normal course of business, or

In the process of production for such sale, or

In the form of materials or supplies to be consumed in
the production process or in the rendering of services
goods purchased by a trading
company for resale in the enterprises ordinary course of business.
tangible goods purchased for direct use in
the manufacture of goods for sale.
manufactured items requiring further
processing.
manufactured goods completed and ready
for sale.
items purchased for indirect use
in the manufacture of goods for resale.
the cost of the service.



Inventories are initially measured at historical cost.

Include all cost of purchase, cost of conversion and
other cost incurred in bringing the inventories to
their present location and condition.

Includes the purchase price, import duties and other
taxes, transport, handling and other costs directly
attributable to the acquisition of finished goods,
materials and services.
Trade discounts, rebates and other similar items are
deducted in determining the cost of purchase.

Includes costs directly related to the units of
production, such as direct labor and systematic
allocation of fixed and variable production
overheads that are incurred in the production
process.

Measured on initial recognition at their fair value
less estimated point of sale costs at the point of
harvest.

The labor and other costs of personnel directly engaged
in providing the service, including supervisory
personnel and attributable overhead cost excluding any
profit margins or non-attributable overheads.

Should be measured at the lower of cost or net
realizable value.
include in the inventory of the
buyer
include in the inventory of the seller
include in the
inventory of the buyer once delivered.

include in the
inventory of the consignor ( buyer )

include in the
inventory of the seller until payment is received.
include in the inventory of the
seller
inventory of the buyer.
excluded in the inventory of the
seller.