IFRS Taxonomy 2010 - Illustrative Examples

InlineXBRL - Example 3: Disclosure of inventories

Accounting policy

Inventories are measured at the lower of cost and estimated selling price less costs to complete and sell. The cost of perishable produce is calculated using the first-in, first-out (FIFO) method. The weighted average cost formula is used for all other inventories.

Inventories

	31-12-2009	31-12-2008
	£	£
Finished goods	10,000	15,000
Work in progress	1,000	500
Consumable stores	20,000	18,000
Raw materials	60,000	60,000

Total carrying amount	91,000	93,500

The cost of goods sold during 2009 is £ 845,000 (2008: £ 800,000 ). It includes £ 45,000 impairment loss of flood-damaged raw materials (2008: - ).

At 31 December 2009 £ 30,000 (2008: £ 30,000 ) of the entity’s raw material was pledged as security.

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