[Verse 1] When assets roll through warehouse doors Recognition starts the counting wars Physical substance you can hold and weigh Ready for sale another day Probable benefits must flow your way Control the item, own the play [Chorus] Inventory dancing, FIFO prancing First goods in are first to leave Weighted average keeps advancing Smooth the costs that you receive Lower cost or NRV Write it down when values flee Inventory dancing, cost romancing IAS two will never deceive [Verse 2] Purchase price plus bringing costs Conversion adds what labor tossed Storage fees don't make the grade Abnormal waste gets quickly flayed Production overhead joins the mix Systematic allocation tricks [Chorus] Inventory dancing, FIFO prancing First goods in are first to leave Weighted average keeps advancing Smooth the costs that you receive Lower cost or NRV Write it down when values flee Inventory dancing, cost romancing IAS two will never deceive [Bridge] Net realizable value calls Selling price minus costs that fall Completion work and selling fees Subtract them all with greatest ease When carrying exceeds the net Impairment loss you won't forget [Verse 3] Cost of sales equation sings Opening stock plus purchases brings Less the closing stock remains Equal cost of sales explains Weighted average smooths the ride FIFO lets the old ones slide [Chorus] Inventory dancing, FIFO prancing First goods in are first to leave Weighted average keeps advancing Smooth the costs that you receive Lower cost or NRV Write it down when values flee Inventory dancing, cost romancing IAS two will never deceive [Outro] Raw materials, work in progress too Finished goods complete the crew Inventory standard number two Guides the counting that you do
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