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ASC 330 sets forth general principles applicable to the determination of the cost of inventories and subsequent measurement at lower-of-cost-or-market or lower-of-cost-and-net realizable value.

Excerpt from ASC 330-10-20

Inventory: The aggregate of those items of tangible personal property that have any of the following characteristics:

  1. Held for sale in the ordinary course of business
  2. In the process of production for such sale
  3. To be currently consumed in the production of goods or services to be available for sale.

The determination of which specific costs (or portion thereof) would be acceptable for capitalization as inventory costs cannot be addressed generally, but will vary by industry and will depend on the individual facts and circumstances of a reporting entity’s operations.

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