Inventory Flashcards
1
Q
Periodical system
A
Counted amount of inv on hand at determined period.
Beg inv + purch - end inv = CoGS
2
Q
Perpetual
A
Updates info continuously abt inventory.
Lifo & WA have different numbers under this system
3
Q
Measurement
A
Ifrs min(cost, net real val (fv-cost))
Write down is an expense in Is
Reversal can be made only to original extend and it reduces CoGs
Us gaap minimum FV
Write doen incr CoGS
