Johnson & Johnson (JNJ)

Johnson & Johnson (JNJ) | Analysis of Inventory

Inventory Accounting Policy

Inventories are stated at the lower of cost or market determined by the first-in, first-out method.

Source: Johnson & Johnson, Annual Report

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Johnson & Johnson, Statement of Financial Position, Inventory

USD $ in millions

Source: Based on data from Johnson & Johnson Annual Reports

Item	Description	The company
Raw materials and supplies	Aggregated amount of unprocessed materials to be used in manufacturing or production process and supplies that will be consumed.	Johnson & Johnson's raw materials and supplies increased from 2008 to 2009 but then slightly declined from 2009 to 2010.
Goods in process	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.	Johnson & Johnson's goods in process increased from 2008 to 2009 and from 2009 to 2010.
Finished goods	Carrying amount as of the balance sheet date of merchandise or goods held by the company that are readily available for sale.	Johnson & Johnson's finished goods declined from 2008 to 2009 but then increased from 2009 to 2010 exceeding 2008 level.
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).	Johnson & Johnson's total inventories increased from 2008 to 2009 and from 2009 to 2010.