Inventory Accounting Policy
Inventories are stated at the lower of cost or market. The majority of inventory is valued based on standard costs that approximate average costs, while the remainder is principally valued on a first-in, first-out basis. Cost standards are revised at the beginning of each fiscal year. The annual effect of resetting standards plus any operating variances incurred during each period are allocated between inventories and cost of sales.
Source: Emerson Electric Co., Annual Report
Inventory Disclosure
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Emerson Electric Co., Statement of Financial Position, Inventory
Source: Based on data from Emerson Electric Co. Annual Reports
| Item |
Description |
The company |
| Finished products |
Carrying amount as of the balance sheet date of merchandise or goods held by the company that are readily available for sale. |
Emerson Electric Co.'s finished products increased from 2009 to 2010 but then slightly declined from 2010 to 2011.
|
| Raw materials and work in process |
The aggregate carrying amount as of the balance sheet date of items held by the entity which are partially completed at the time of measurement and unprocessed items that will go through the production process and become part of the final product. Includes supplies used directly or indirectly in the manufacturing or production process. This element may be used when the reporting entity combines work in process and raw materials into an aggregate amount. |
Emerson Electric Co.'s raw materials and work in process increased from 2009 to 2010 but then slightly declined from 2010 to 2011.
|
| Total 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). |
Emerson Electric Co.'s total inventories increased from 2009 to 2010 but then slightly declined from 2010 to 2011.
|
