(General Disclosures, Inventories, Property, Plant, and Equipment) Dan D. Lion Corporation is in the process of preparing its annual financial statements for the fiscal year ended April 30, 2007.

Because all of Lion’s shares are traded intrastate, the company does not have to file any reports with the Securities and Exchange Commission. The company manufactures plastic, glass, and paper containers for sale to food and drink manufacturers and distributors.
Lion Corporation maintains separate control accounts for its raw materials, work-in-process, and finished goods inventories for each of the three types of containers. The inventories are valued at the lower of cost or market.
The company’s property, plant, and equipment are classified in the following major categories: land, office buildings, furniture and fixtures, manufacturing facilities, manufacturing equipment, and leasehold improvements. All fixed assets are carried at cost. The depreciation methods employed depend upon the type of asset (its classification) and when it was acquired.
Lion Corporation plans to present the inventory and fixed asset amounts in its April 30, 2007, balance sheet as shown below.

Instructions What information regarding inventories and property, plant, and equipment must be disclosed by Dan D. Lion Corporation in the audited financial statements issued to stockholders, either in the body or the notes, for the 2006-2007 fiscal year?

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Inventories Property, plant, and equipment (net of depreciation) $4,814,200 6,310,000