A interpreting the new york times companys financial, Ask an Expert

Accounting

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?

View complete question

Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91625083

Have any Question?Write your Review or question?

Related Questions in Accounting Basics

Question - lopez company purchased goods with the following

Question - Lopez Company purchased goods with the following terms and details: Sales price, $5,000 Terms, 1/10, n/30 Date of sale, March 8 Date of payment, March 19 Returns and allowances (before payment), $200 Shipping, ...

Question - wok n rolls statement of cash flows for october

Question - Wok N Roll's Statement of Cash Flows for October showed the following: Cash from operating activities $ 3,000 Cash for investing activities $(2,000) Cash from financing activities $ ? Net change in cash $ 5,00 ...

Question - a company incurred the following transactions

Question - A company incurred the following transactions: 1. Wages of $2,650 accrued at the end of the prior fiscal period were paid this fiscal period. 2. Real estate taxes of $7,100 applicable to the current period hav ...

Question instructions first locate the financial statement

Question: Instructions: First, locate the financial statement (10 - K Annual Reporting) information for each company (listed below) that you will be investigating for your final project. This information can be found on ...

Question - total fixed costs for randolph manufacturing are

Question - Total fixed costs for Randolph Manufacturing are $754,000. Total costs, including both fixed and variable, are $5,000,000 if 160,000 units are produced. The variable cost per unit is A. $26.54/unit. B. $31.25/ ...

Question a firm has consistently adjusted its allowance

Question: A firm has consistently adjusted its allowance account at the end of the fiscal year by adding a fixed percent of the period's sales on account. After seven years, the balance in Allowance for Doubtful Accounts ...

Question - bob smith borrowed 200000 on january 1 2015 the

Question - Bob Smith borrowed $200,000 on January 1, 2015. The interest rate of 8% is compounded semiannually to be repaid January 1, 2025. To repay this Bob wants to start making five equal annual deposits into fund tha ...

Question this project paper is an individual assignmentthe

Question: This Project Paper is an individual assignment. The company you select for this Project Paper is up to you; however, it must be a publicly traded company whose financials are available on the internet. You will ...

Question - els an s corporation reported a business loss of

Question - ELS, an S corporation, reported a business loss of $1,000,000. Ethan, ELS's sole shareholder, is involved in ELS's daily business activities and he reports $1,200,000 of taxable income from sources other than ...

Question - flexible budget for selling and administrative

Question - Flexible Budget for Selling and Administrative Expenses for a Service Company Cloud Productivity Inc. uses flexible budgets that are based on the following data: Sales commissions - 14% of sales Advertising ex ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Accounting Basics Expert