MGT220H5 Lecture Notes - Lecture 9: Credit Risk, Status Quo, Financial Statement
Document Summary
Weighted avg of lifo, fifo on quiz/ assign not on exam. Exam = exchange of financial assets for private or public on exam: users/players, company"s financial recording objectives want to show company in the best possible. Parent company produces consolidated financial statement one statements for all it"s subsidiaries and combines all assetss. Among other things, the pool buys grain from farmers and sells it to canadian wheat board. Grain inventories include both hedgeable and non hedgeable commodities. Hedgeable and non hedgeable grain inventories are valued on basis of closing marketing quotations less freight and handling costs. Agri-products, livestock feed, and other inventories consists of raw materials, work in progress, finished goods and are valued at lower of cost and net realizable value. Discuss financial reporting issues relationship to inventory valuation and related revenue recog. Pool buys grain from farmers and sells it to cwb who markets grain and sells on behalf of farmers.
