In Re the Appeal of AMP Inc.

COPELAND, Justice.

This controversy involves two drastically differing methods for valuing AMP’s in-process and raw material inventories on hand as of 1 January for the years 1964 through 1968, inclusive. There is apparently no controversy as to the proper standard for valuing AMP’s finished goods inventory as of 1 January 1964 and 1965 (AMP had no such inventory on hand on 1 January 1966, 1967 and 1968), since AMP readily concedes that the “book ..value” of such goods is equivalent to their “true value in money.” As to the former, however, AMP takes the position that since it can only sell…