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Business Analyssis

In: Business and Management

Submitted By gargetto
Words 700
Pages 3
Summary of the Facts Three Little Pigs, Inc. (PIGS) is trying to determine if they should impair their inventory due to a decline in futures prices. Although prices are declining, it is believed that the futures prices will begin to recover within the year. PIGS inventories consists of the following: live hogs to be internally processed, developing animals to be internally processed, internally processed pork products, live hogs to be sold to a third party, and developing animals to be sold to a third party. The question of impairment applies only to the live hogs and developing animals to be sold to a third party because it is believed that internally processed pork products will be able to cover the costs of live hogs and developing animals to be processed internally.

Question: How should the Company determine whether an inventory impairment exists at September 30, 2002? More specifically, how should management evaluate impairment?

Response: ASC 330-10-35-2 states that, “in accounting for inventories, a loss shall be recognized whenever the utility of goods is impaired by damage, deterioration, obsolescence, changes in price level, or other causes.” In PIGS case they should recognize a loss because the utility of their live hogs to be sold to a third party and their developing animals to be sold to a third party have suffered from a decrease in price level. When determining whether inventory

should be evaluated for impairment under the lower of cost or market method or on a total inventory basis, ASC 905-330-35-2 states, “developing animals to be held for sale shall be valued at lower of cost or market.” As for the live hogs to sold to a third party, ASC 905-330-35-3 states that unless the following conditions are all met, “1) The product has a reliable, readily determinable, and realizable market price. 2) The product has relatively insignificant and

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