CONSERVATION OF PRODUCTIVE CAPITAL THROUGH RECOGNITION OF CURRENT COST OF DEPRECIATION.
This record constitutes a splendid testimonial that the manufacturing chemicals industry in the United States has fully met its responsibilities by utilizing its personnel and capital resources to create a more fruitful world. The major unresolved issues are in regard to the basis to be used in charging current manufacturing costs for inventories utilized, which were purchased or produced in a preceding period, and for the exhaustion applicable to the current period of plant and equipment acquired in prior years when the purchasing power of the dollar was much greater than it is today. In the case of inventories, the last-in, first-out method of costing has been recognized for several years as an accept-able accounting method for costing goods sold. Therefore, managements of enterprises have the option of using either cur-rent or historical inventory costs or some combination of the two in computing the costs of goods sold during the year. In any event, there is no accounting road block to the accomplishment of this objective if managements of business enterprises in America conclude that it is sound business practice to do so.
- DOI
- 10.2308/tar-7061868
- Volume
- 30 (4)
- Pages
- 617-622
- Language
- en
- Export
- BibTeX
- Sources
- openalex crossref