KPMG 3 Pigs Solution
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|KPMG 3 pigs Solution
Several factors including increased supply have caused declining prices for live hogs on the spot market. Also as shown bellow futures prices will remain below the carrying cost for live hogs until nearly the end of the fiscal year. However processed pork products such as bacon, loins, and ham remain above the current cost of production. Three Little Pigs Inc. is capable of processing hogs into these products internally at some locations. Unfortunately, not all hogs can be transported and processed at the main processing plants and must be sold as live hogs to third parties at spot market prices. There are four potential alternatives for dealing with the possible need to impair the value of Three Little Pigs Inc.'s inventories.
Alternative 1: Continue to carry all inventories at cost basis.
ARB28, Par.14c “Such temporary market declines need not be recognized at the interim date since no loss is expected.”
EITF, 86-13 Discussion “… option 28 requ...
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