However, please take note that the Cost of Inventories was on FIFO basis, please refer to Accounting Policy of Masteel's Annual Return, instead of Average Cost basis as used in the article:
Inventories are carried in the statement of financial position at the lower of cost and net realisable value. Cost is determined on a first-in first-out (FIFO) basis. The cost of work in progress and finished goods comprises materials, direct labour and attributable production overheads based on normal levels of activity.
Write-down is made for obsolete and slow-moving items based on their expected future use and net realisable value.
Therefore, the inventories used in the production of rebar during the quarter 30/9/2017 will very likely at the cost as stated in the Quarter 30/6/2017.
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Posted by JayC > 2017-09-13 13:33 | Report Abuse
very good write up. thumbs up