Inventories are stated at the lower of cost and net realisable value. Cost includes raw materials, direct labour and expenses, an appropriate proportion of production and other overheads, but not borrowing costs. Cost is calculated on an actual usage basis for maturing inventories and on a first in, first out basis for other inventories.
Source: Diageo PLC, Annual Report
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Diageo PLC, Statement of Financial Position, Inventory
USD $ in millions, translated from GBP £
| Jun 30, 2011 | Jun 30, 2010 | Jun 30, 2009 | Jun 30, 2008 | Jun 30, 2007 | Jun 30, 2006 | ||
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Raw materials and consumables | |
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Work in progress | |
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Maturing inventories | |
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Finished goods and goods for resale | |
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Inventories | |
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Source: Based on data from Diageo PLC Annual Reports
| Item | Description | The company |
|---|---|---|
| Raw materials and consumables | Carrying amount as of the balance sheet date of unprocessed items to be consumed in the manufacturing or production process. Also includes purchased parts that will be used as components of a finished product. | Diageo PLC's raw materials and consumables declined from 2009 to 2010 and from 2010 to 2011. |
| Work in progress | Carrying amount as of the balance sheet date of merchandise or goods which are partially completed, are generally comprised of raw materials, labor and factory overhead costs, and which require further materials, labor and overhead to be converted into finished goods, and which generally require the use of estimates to determine percentage complete and pricing. | Diageo PLC's work in progress declined from 2009 to 2010 but then increased from 2010 to 2011 not reaching 2009 level. |
| Finished goods and goods for resale | Carrying amount as of the balance sheet date of merchandise or goods held by the company that are readily available for sale. | Diageo PLC's finished goods and goods for resale declined from 2009 to 2010 but then increased from 2010 to 2011 not reaching 2009 level. |
| Inventories | Carrying amount (lower of cost or market) as of the balance sheet date of inventories less all valuation and other allowances. Excludes noncurrent inventory balances (expected to remain on hand past one year or one operating cycle, if longer). | Diageo PLC's inventories declined from 2009 to 2010 but then increased from 2010 to 2011 exceeding 2009 level. |
May 23, 2012