Valuation Flashcards
1
Q
What is the Guidance Note for Stock Taking Valuations?
A
Business Economic Note 19 (BEN19)
2
Q
What are the two methods of stock taking?
A
- Lower of Cost Method (A cost of production basis)
- Deemed Cost Method (Actual costs are not know and stock is valued on a percentage basis)
3
Q
What are the appropriate percentages for the Deemed Cost method for Cattle, Sheep, Pigs & Crops?
A
Cattle - 60% of OMV
Sheep, Pigs & Crops - 75% of OMV
