Inventories, including work in progress, are valued at the lower of cost and net realizable value. Cost is determined primarily on the basis of average costs. For processed inventories, cost is derived on an absorption costing basis. Cost comprises cost of purchasing raw materials and cost of production, including attributable mining and manufacturing overheads.
Source: BHP Billiton Ltd., Annual Report
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BHP Billiton Ltd., Statement of Financial Position, Inventory
USD $ in millions
| 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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Finished goods | |
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Current inventories | |
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Raw materials and consumables | |
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Work in progress | |
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Finished goods | |
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Non-current inventories | |
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Inventories | |
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Source: Based on data from BHP Billiton Ltd. Annual Reports
| Item | Description | The company |
|---|---|---|
| Raw materials and consumables | Aggregated amount of unprocessed materials to be used in manufacturing or production process and supplies that will be consumed. | BHP Billiton Ltd.'s raw materials and consumables 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. | BHP Billiton Ltd.'s work in progress 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. | BHP Billiton Ltd.'s finished goods increased from 2009 to 2010 and 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). | BHP Billiton Ltd.'s inventories increased from 2009 to 2010 and from 2010 to 2011. |
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