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Sep. 30, 2011
As of September 30, 2011 and December 31, 2010, net inventory balances are as follows:
On July 29, 2011, the Company ended its efforts to commercialize the Levacor VAD technology and as a result wrote off its inventory except for three consigned devices located in two clinical sites. Inventory on consignment at the customer sites as of September 30, 2011 and December 31, 2010 was $190,018 and $447,629, respectively. The Company expects to write off the consigned inventory as restructuring expense if it is returned to the Company upon the expiry of its shelf life.
The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.
Reference 1: http://www.xbrl.org/2003/role/presentationRef