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  5. 215 S.E.2d 752 (1975)
 

APPEAL OF AMP INCORPORATED

No. 99.

215 S.E.2d 752 (1975)

Appeal of AMP INCORPORATED from the Decision of the State Board of Assessment, sitting as the State Board of Equalization and Review, Affirming the Action of the Guilford County Board of Commissioners Assessing Additional Taxes, Penalties and Interest for the Years 1964 through 1968, Inclusive.

Supreme Court of North Carolina.

June 26, 1975.

Attorney(s) appearing for the Case

Adams, Kleemeier, Hagan, Hannah & Fouts by William J. Adams, Jr., Robert G. Baynes and Paul H. Livingston, Jr., Greensboro, for petitioner appellant.

W. B. Trevorrow, Guilford County Atty., and William L. Daisy, Asst. Guilford County Atty., Greensboro, for respondent appellee.

COPELAND, Justice.

This controversy involves two drastically differing methods for valuing AMP's inprocess 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...

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