The 2015 Form 10-K of Gannett Co., Inc. (publisher of USA Today and many other newspapers) includes the following in the note that summarizes its accounting policies:

Inventories, consisting principally of newsprint, printing ink and plate material for our publishing operations, are valued at the lower of cost (first-in, first-out) or market.

Required

1. What types of inventory cost does Gannett carry? What about newspapers? Are newspapers considered inventory?

2. Which method does Gannett use to value its inventory?