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Q. Illustrate lower-of-cost-or-market method?
Procter & Gamble markets a broad range of paper, cleaning, beauty care, health care, food, laundry and beverage products around the world. Procter & Gamble's annotation in its Notes to Consolidated Financial Statements in its annual report illustrates that companies often disclose LCM in their notes to financial statements.
Inventories are valued at cost, which isn't in excess of current market price. Cost is primarily determined by also the average cost or the first-in first-out method. The replacement cost of last-in first-out inventories exceeds carrying value by approximately USD 169.
A company using periodic inventory procedure may perhaps estimate its inventory for any of the following reasons
- To acquire an inventory cost for use in monthly or quarterly financial statements without taking a physical inventory. The effort of taking a physical inventory is able to be very expensive and disrupts normal business operations; once a year is often enough.
- To evaluate with physical inventories to determine whether shortages exist.
- To verify the amount recoverable from an insurance company when fire has destroyed inventory or the inventory has been stolen.
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decrease in owners equity decrease in owener''s equity
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