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Analysis of Inventory
Accounting Policy on Inventory
Inventories are stated at the lower of average cost or net realizable value. Cost includes depreciation, labor, material, and overhead costs, including product and process technology costs. When net realizable value (which requires projecting future average selling prices, sales volumes, and costs to complete products in work in process inventories) is below cost, Micron records a charge to cost of goods sold to write down inventories to their estimated net realizable value in advance of when inventories are actually sold. Micron reviews the major characteristics of product type and markets in determining the unit of account for which Micron performs the lower of average cost or net realizable value analysis and categorizes inventories primarily as memory (including DRAM, NAND, and other memory). Micron removes amounts from inventory and charges such amounts to cost of goods sold on an average cost basis.
Source: 10-K (filing date: 2019-10-17).
Micron Technology Inc., balance sheet: inventory
US$ in millions
|Aug 29, 2019||Aug 30, 2018||Aug 31, 2017||Sep 1, 2016||Sep 3, 2015||Aug 28, 2014|
|Work in process|
|Raw materials and supplies|
Based on: 10-K (filing date: 2019-10-17), 10-K (filing date: 2018-10-15), 10-K (filing date: 2017-10-26), 10-K (filing date: 2016-10-28), 10-K (filing date: 2015-10-27), 10-K (filing date: 2014-10-27).
|Inventories||Amount after valuation and LIFO reserves of inventory expected to be sold, or consumed within one year or operating cycle, if longer.||Micron Technology Inc.’s inventories increased from 2017 to 2018 and from 2018 to 2019.|