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inventory

inventory

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Published by Rashid Hussain

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Published by: Rashid Hussain on Mar 11, 2011
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07/23/2015

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Inventory      Goods purchased for resale Consumable stores( Such as oil) Raw materials and components( used in the production process) Partly finished goods ( usually Called WIP) Finished goods .

According to IAS-2 Inventory is included in the SOFP at: The Lower of .

not on the total inventory value. Labour or other costs. Note: The comparison b/w cost & NRV .Cost Excludes     Selling cost Storage cost Abnormal waste of Materials. must be made item by item. Administrative Overheads.

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