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Inventory (measurement US GAAP (makret (write-down (NRV-profit margin >…
Inventory
measurement US GAAP
cost of inventory
same as IFRS
makret
NRV-profit margin =< current replacement cost =< NRV
write-down
NRV-profit margin > current replacement cost
cost of inventory < market
no reversal write-down!!
LIFO
pay less tax
asset
finished good
work-in process
raw material and supplies
Standard
IFRS
IAS2
US GAAP
Topic 330
measurement IFRS
cost of inventories
costs of purchas
+
costs of conversion
+
other costs incurred bringing the inventory
non-production overhead
designed products for customer
unit of production
direct labor
fixed/variable overhead
normal capacity
purchase price
less discount
import duties
other taxes
transport
other costs directly attribuable
acquisition finished good, materials
excluded cost
abnormal amount
wasted
material
labor
other production cost
storage costs
administrative overhead
selling cost
foreign currency losses
Net realizable value
lower value
Cost > NRV
write-down
Estimated selling price under expected condition
./.
Estimated cost of completion
./.
Estimated selling costs
purpose of the inventory
evaluate each subsequent period
measurement method
IFRS
Individual
FIFO
weighted average
US GAAP
LIFO
FIFO
Individual
Weighted average
determinant
net income
merchandising
manufacturing companies