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This excerpt taken from the BP 20-F filed Mar 4, 2008. This excerpt taken from the BP 20-F filed Mar 6, 2007. Inventories Inventories, other than inventory held for trading purposes, are stated at the lower of cost and net realizable value. Cost is determined by the first-in first-out method and comprises direct purchase costs, cost of production, transportation and manufacturing expenses. Inventories held for trading purposes are stated at fair value less costs to sell and any changes in net realizable value are recognized in the income statement. Supplies are valued at cost to the group mainly using the average method or net realizable value, whichever is the lower.
This excerpt taken from the BP 6-K filed Mar 13, 2006. Inventories
Inventories, other than inventory held for trading purposes, are stated at the lower of cost and net realizable value. Cost is determined by the first-in first-out method and comprises direct purchase costs, cost of production, transportation and manufacturing expenses.
Inventories held for trading purposes are stated at fair value less costs to sell and any changes in net realizable value are recognized in the income statement.
Supplies are valued at cost to the Group mainly using the average method or net realizable value, whichever is the lower.
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BP p.l.c. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - continued
Note 1 - Significant accounting policies - continued
This excerpt taken from the BP 6-K filed Nov 17, 2005. Inventories
Inventories, other than inventory held for trading purposes, are stated at the lower of cost and net realizable value. Cost is determined by the first-in first-out method and comprises direct purchase costs, cost of production, transportation and manufacturing expenses.
Inventories held for trading purposes are stated at net realizable value and any changes in net realizable value are recognized in the income statement rather than the statement of recognized income and expenses.
Supplies are valued at cost to the Group mainly using the average method or net realizable value, whichever is the lower.
This excerpt taken from the BP 6-K filed Sep 7, 2005. Inventories
Inventories, other than inventory held for trading purposes, are stated at the lower of cost and net realizable value. Cost is determined by the first-in first-out method and comprises direct purchase costs, cost of production, transportation and manufacturing expenses.
Inventories held for trading purposes are stated at net realizable value and any changes in net realizable value are recognized in the income statement rather than the statement of recognized income and expenses.
Supplies are valued at cost to the Group mainly using the average method or net realizable value, whichever is the lower.
This excerpt taken from the BP 6-K filed Sep 7, 2005. Inventories
Inventories, other than inventory held for trading purposes, are stated at the lower of cost and net realizable value. Cost is determined by the first-in first-out method and comprises direct purchase costs, cost of production, transportation and manufacturing expenses.
Inventories held for trading purposes are stated at net realizable value and any changes in net realizable value are recognized in the income statement rather than the statement of recognized income and expenses.
Supplies are valued at cost to the Group mainly using the average method or net realizable value, whichever is the lower.
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