The average value of taxable inventory of a manufacturer, required to be reported at its true value as provided by Sections 5711.22 and 5711.18 , Revised Code, must be ascertained in accordance with Section 5711.16 , Revised Code, and this Rule. The monthly values used in determining the average inventory must reflect the books and records of the taxpayer, to the extent that such books and records reflect the true value of the inventory.
In determining the true value as provided in Sections 5711.22 and 5711.18 , Revised Code, the taxpayer must employ a method that reflects full absorption of all direct and indirect costs and expenses. All fixed, semi-variable and variable costs and expenses incurred in the manufacture of such inventory must be included in determining the true value thereof.
Eff 5-5-73 (former
Rule promulgated under: RC 5703.14