The 2015 Form 10-K of The New York Times Company includes the following in the note that
Question:
The 2015 Form 10-K of The New York Times Company includes the following in the note that summarizes its significant accounting policies:
Inventories
Inventories are stated at the lower of cost or current market value. Inventory cost is generally based on the last-in, first-out (''LIFO'') method for newsprint and the first-in, first-out (''FIFO'') method for other inventories.
Required
1. What types of inventory costs does The New York Times Company carry? What about newspapers? Are newspapers considered inventory?
2. Why would the company choose more than one method to value its inventory?
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1 Newsprint costs are comparable to raw materials in a manufacturi...View the full answer
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Related Book For 
Using Financial Accounting Information The Alternative to Debits and Credits
ISBN: 978-1337491471
10th edition
Authors: Gary A. Porter, Curtis L. Norton
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