New york times company financial statements

Assignment Help Accounting Basics

Reference no: EM13954267

A Interpreting The New York Times Company's Financial Statements

The 2011 Form 10-K of The New York Times Company includes the following note:

Inventories

Inventories as shown in the accompanying Consolidated Balance Sheets were as follows:

(In thousands)	December 25, 2011	December 26, 2010
Newsprint and magazine paper	$16,927	$12,596
Other inventory	4,160	3,536
Total	$21,087	$16,132

Inventories are stated at the lower of cost or current market value. Cost was determined uti- lizing the LIFO method for 71% of inventory in 2011 and 66% of inventory in 2010. The excess of replacement or current cost over stated LIFO value was approximately $5 million as of De- cember 25, 2011 and December 26, 2010. The remaining portion of inventory is accounted for under the FIFO method.

Required:

1. What types of inventory costs does The New York Times Company carry? What about news- papers? Are newspapers considered inventory?

2. Why would the company choose more than one method to value its inventory?

Reference no: EM13954267

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