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This excerpt taken from the GT 10-K filed Feb 18, 2009. Inventories
Inventories are stated at the lower of cost or market. Cost is
determined using the
first-in,
first-out or the average cost method. Costs include direct
material, direct labor and applicable manufacturing and
engineering overhead. We allocate fixed manufacturing overheads
based on normal production capacity and recognize abnormal
manufacturing costs as period costs. We determine a provision
for excess and obsolete inventory based on management’s
review of inventories on hand compared to estimated future usage
and sales. Refer to Note 6.
This excerpt taken from the GT 10-K filed Feb 14, 2008. Inventories
Inventories are stated at the lower of cost or market. Cost is
determined using the
first-in,
first-out or the average cost method. Costs include direct
material, direct labor and applicable manufacturing and
engineering overhead. We allocate fixed manufacturing overheads
based on normal production capacity and recognize abnormal
manufacturing costs as period costs. We determine a provision
for excess and obsolete inventory based on management’s
review of inventories on hand compared to estimated future usage
and sales. Refer to Note 6.
Table of Contents
THE
GOODYEAR TIRE & RUBBER COMPANY AND SUBSIDIARIES
NOTES TO
CONSOLIDATED FINANCIAL
STATEMENTS — (Continued)
This excerpt taken from the GT 10-K filed Feb 16, 2007. Inventories
Inventories are stated at the lower of cost or market. Cost is
determined using the
first-in,
first-out or the average cost method. Costs include direct
material, direct labor and applicable manufacturing and
engineering overhead. We recognize abnormal manufacturing costs
as period costs and allocate fixed manufacturing overheads based
on normal production capacity. We determine a provision for
excess and obsolete inventory based on management’s review
of inventories on hand compared to estimated future usage and
sales. Refer to Note 6.
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