Inventory Accounting Policy
Inventories are stated at average cost or at market, whichever is lower. Costs included in Inventories consist of materials, direct labor and manufacturing overhead.
Source: Schlumberger Ltd., Annual Report
Inventories are stated at average cost or at market, whichever is lower. Costs included in Inventories consist of materials, direct labor and manufacturing overhead.
Source: Schlumberger Ltd., Annual Report
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Schlumberger Ltd., Statement of Financial Position, Inventory
USD $ in millions
| Dec 31, 2011 | Dec 31, 2010 | Dec 31, 2009 | Dec 31, 2008 | Dec 31, 2007 | ||
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Raw materials & field materials | |
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Work in process | |
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Finished goods | |
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Inventory | |
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Source: Based on data from Schlumberger Ltd. Annual Reports
| Item | Description | The company |
|---|---|---|
| Raw materials & field materials | 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. | Schlumberger Ltd.'s raw materials & field materials increased from 2009 to 2010 and from 2010 to 2011. |
| Work 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. | Schlumberger Ltd.'s work in process increased 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. | Schlumberger Ltd.'s finished goods increased from 2009 to 2010 and from 2010 to 2011. |
| Inventory | 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). | Schlumberger Ltd.'s inventory increased from 2009 to 2010 and from 2010 to 2011. |
May 24, 2012