(Solved by Humans)-Problem 5-14 Interpreting Gannett Co.’s Inventory Accounting Policy The 2011 Form 10-K of Gannett...
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Problem 5-14 Interpreting Gannett Co.’s Inventory Accounting Policy The 2011 Form 10-K of Gannett Co., Inc. (publisher of USA Today and many other newspa- pers) includes the following in the note that summarizes its accounting policies: Inventories Inventories, consisting principally of newsprint, printing ink and plate material for the company’s publishing operations, are valued primarily at the lower of cost (first-in, first-out) or market. At certain U.S. publishing operations however, newsprint inventory is carried on a last-in, first-out basis. Required 1. What types of inventory cost does Gannett carry? What about newspapers? Are newspapers considered inventory? 2. Why would the company choose two different methods to value its inventory?
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This question was answered on: 10 May, 2025
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