Intermediate Accounting
Intermediate Accounting
3rd Edition
ISBN: 9780136912644
Author: Elizabeth A. Gordon; Jana S. Raedy; Alexander J. Sannella
Publisher: Pearson Education (US)
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Chapter 3, Problem 2SSC

Surfing the Standards Case 2: Inventory Disclosures

Abtos Company is a U.S. manufacturer that is publicly traded. Abtos reports $12 million of inventory on its balance sheet. Inventory includes raw materials work-in-process, and finished goods. Is Abtos required to disclose the amounts for each class of inventory, or can it simply report the total $12 million balance on its balance sheet? Provide Codification references to support your answer to this question.

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