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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?
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