|PDF Title||:||International Financial Reporting Standards (IFRS) Workbook and Guide|
|Author||:||Abbas Ali Mirza, Graham J . Holt & Magnus Orrell|
|Total Page||:||407 Pages|
|PDF Size||:||1.69 MB|
|PDF Link||:||Read and Download|
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“Cost of conversion of inventory includes costs directly attributable to the units of production, for example, direct labor. The conversion costs could also include variable and fixed manufacturing overhead incurred in converting raw material into finished goods.
Fixed overhead costs are those costs that remain constant irrespective of the units of production. The best example would be the depreciation of factory building and equipment. Variable costs are those costs that vary directly with the volume of production, such as indirect material and labor costs.
The allocation of overhead to the cost of conversion is based on the “normal capacity” of the facility. Normal capacity is the production that is normally achieved on average over a number of periods, taking into account the loss of capacity that may result.
Costs that could not be reasonably allocated to the cost of inventory should be expensed as they are incurred. When production process leads to “joint products” or “by-products,” then the cost of conversion of each product should be ascertained based on some rational and consistent basis, such as the “relative sales value” method.”
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