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This excerpt taken from the CVS 10-K filed Feb 27, 2007. Inventories ~
Inventory is stated at the lower of cost or market on a first-in, first-out
basis using the retail method of accounting to determine cost of sales and
inventory in our stores, and the cost method of accounting to determine
inventory in our distribution centers. Independent physical inventory counts
are taken on a regular basis in each store and distribution center location
(other than two recently constructed distribution centers, which perform a
continuous cycle count process to validate the inventory balance on hand) to
ensure that the amounts reflected in the accompanying consolidated financial
statements are properly stated. During the interim period between physical
inventory counts, the Company accrues for anticipated physical inventory losses
on a location-by-location basis based on historical results and current trends.
This excerpt taken from the CVS 8-K filed Aug 8, 2006. Inventories Inventories are valued using the last-in, first-out (“LIFO”) method. If the first-in, first-out (“FIFO”) method had been used, inventories would have been $822 and $814 as of February 2, 2006 and May 4, 2006, respectively. This excerpt taken from the CVS 8-K filed Jun 30, 2006. Inventories Inventories are valued using the last-in, first-out (“LIFO”) method. If the first-in, first-out (“FIFO”) method had been used, inventories would have been $822 and $814 as of February 2, 2006 and May 4, 2006, respectively. | EXCERPTS ON THIS PAGE:
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