The following information is available for Kennametal Inc.'s inventories as of June 30, 2007: We used the
Question:
We used the LIFO method of valuing our inventories for approximately 50% and 53% of total inventories at June 30, 2007 and 2006, respectively.
(a) What method of inventory is used for the other 50% and 47% of total inventories?
(b) Explain the meaning of each of the numbers listed in thetable.
Transcribed Image Text:
(in Thousands) 2007 2006 Finished goods Work in process and powder blends Raw materials and supplies Inventories at current cost Less LIFO valuation Total inventories $234,828 $184,349 161815 167 475 72,941 469,584 (65,971) $403,613 53,454 405,278 (70,329) $334,949
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a FIFO is probably used for the rest of Kennametals inventories Companies using LIFO must disclose t...View the full answer
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Related Book For
Understanding financial statements
ISBN: 978-0136086246
9th Edition
Authors: Lyn M. Fraser, Aileen Ormiston
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