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3536809
IAS 2 - inventories
Description
BA (Hons) 2:1 Cert Ed PGCE AAT4 Mind Map on IAS 2 - inventories, created by Liz Barraclough on 22/09/2015.
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aat4
ba (hons) 2:1 cert ed pgce
Mind Map by
Liz Barraclough
, updated more than 1 year ago
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Created by
Liz Barraclough
about 9 years ago
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Resource summary
IAS 2 - inventories
Definition
Finished Goods
Work in Progress
Raw Materials
What's included
Cost of purchase
Cost of conversion
other costs incurred e.g. carriage inwards
What's not included
abnormal waste
Storage
admin overheads
selling costs
foreign exchange differences
Interest costs
Valuation
Lower of cost or net realisable value
FIFO
AVCO
NOT LIFO
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