If Cost
of Goods Sold is controlled (generally, sales in denominator of PLI): 
Receivables Adjustment (“RA”): 

RA = {[(AR_{t} / sales_{t})
x sales_{c}]  AR_{c}} x {i/[1+(i
x h_{c})]}

Payables Adjustment (“PA”): 

PA = {[(AP_{t} / sales_{t})
x sales_{c}]  AP_{c}} x {i/[1+(i
x h_{c})]}

Inventory Adjustment (“IA”): 

IA = {[(INV_{t} / sales_{t})
x sales_{c}]  INV_{c} } x i

PP&E Adjustment (“PPEA”): 

PPEA = {[(PPE_{t} / sales_{t})
x sales_{c}]  PPE_{c}} x i

If Sales
are controlled (generally, costs in the denominator of PLI):^{[a]} 
Receivables Adjustment (“RA”): 

RA = {[(AR_{t} / tc_{t}) x
tc_{c}]  AR_{c}} x {i/[1+(i x h_{c})]}

Payables Adjustment (“PA”): 

PA = {[(AP_{t} / tc_{t}) x
tc_{c}]  AP_{c}} x {i/[1+(i x h_{c})]}

Inventory Adjustment (“IA”): 

IA = {[(INV_{t} / tc_{t}) x
tc_{c}]  INV_{c} } x i

PP&E Adjustment (“PPEA”): 

PPEA = {[(PPE_{t} / tc_{t})
x tc_{c}]  PPE_{c}} x i

Then Adjust
Comparables as Follows: 
adjusted sales_{c} =
sales_{c} + RA

adjusted cogs_{c} =
cogs_{c} + PA  IA

adjusted opex_{c} =
opex_{c}  PPEA
