3536809
Description
Mind Map by Liz Barraclough, updated more than 1 year ago
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Created by Liz Barraclough
over 9 years ago
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IAS 2 - inventories
- Definition
- Finished
Goods
- Work in Progress
- Raw Materials
- Finished
Goods
- What's
included
- Cost of purchase
- Cost of conversion
- other costs incurred e.g. carriage inwards
- Cost of purchase
- What's not
included
- abnormal waste
- Storage
- admin overheads
- selling costs
- foreign exchange differences
- Interest costs
- abnormal waste
- Valuation
- Lower of cost or net realisable value
- FIFO
- AVCO
- NOT LIFO
- FIFO
- Lower of cost or net realisable value
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