Inventory Accounting Policy
Inventories are stated at the lower of cost or net realizable value. Cost is determined using standard cost, which approximates actual cost on a FIFO (First-in First-out) basis. Net realizable value is the amount that can be realized from the sale of the inventory in the normal course of business after allowing for the costs of realization.
In addition to the cost of materials and direct labor, an appropriate proportion of production overhead is included in the inventory values.
An allowance is recorded for excess inventory and obsolescence based on the lower of cost or net realizable value.
Source: Nokia Corp., Annual Report
Inventory Disclosure
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Nokia Corp., Statement of Financial Position, Inventory
USD $ in millions, translated from EUR €
Source: Based on data from Nokia Corp. Annual Reports
| Item |
Description |
The company |
| Raw materials, supplies and other |
Aggregated amount of unprocessed materials to be used in manufacturing or production process and supplies that will be consumed. |
Nokia Corp.'s raw materials, supplies and other increased 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. |
Nokia Corp.'s work in progress declined from 2009 to 2010 and from 2010 to 2011.
|
| Finished goods |
Carrying amount as of the balance sheet date of merchandise or goods held by the company that are readily available for sale. |
Nokia Corp.'s finished goods increased from 2009 to 2010 but then slightly declined from 2010 to 2011.
|
| 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). |
Nokia Corp.'s inventories increased from 2009 to 2010 but then slightly declined from 2010 to 2011.
|
