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Pigs

In: Business and Management

Submitted By popsicle843
Words 255
Pages 2
When evaluating inventory impairment for the PIGS entity, it depends specifically on the character and composition of the inventory. The method used should clearly reflect the income of that period by applying the rule of lower of cost of market to each item or on a total inventory basis. If the company evaluates impairment by product line, there must be more than one major product that exists. This company does have more than one product line that exists consisting of: live hogs for sale, developing animals, and processed pork products. They seem to apply the accounting ideas of raw materials, work-in-process, and finished goods. The live hogs for sale and developing animals are stated to be processed and sold as the finished goods of processed pork products. Even though the most generally used method of lower of cost or market is to be applied separately to each item in the inventory, there is evidently only one-end product category of the total stock. Significantly, the only end-product of the inventory is processed pork products which apply the total inventory basis. There was a reduction in cost prices for certain inventory of live hogs and developing animals, but there was no loss in income since they expected to recover the cost of the inventory due to substantial evidence within the company. This specifically means that the company should apply the method on a total inventory basis because this specific inventory will enter the same category of finished product in a balanced amount.

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