BLUD » Topics » 2. INVENTORIES

This excerpt taken from the BLUD 10-Q filed Apr 7, 2009.

iii) Inventories

Inventories are stated at the lower of cost (first-in, first-out basis) or market (net realizable value). Cost includes material, labor and manufacturing overhead. We use a standard cost system as a tool to monitor production efficiency. The standard cost system applies estimated labor and manufacturing overhead factors to inventory based on budgeted production and efficiency levels, staffing levels and costs of operation, based on the experience and judgment of management. Actual costs and production levels may vary from the standard established and such variances are charged to the consolidated statement of income as a component of cost of sales. Since U.S. generally accepted accounting principles require that the standard cost approximate actual cost, periodic adjustments are made to the standard rates to approximate actual costs. No material changes have been made to the inventory policy during the third quarter of fiscal 2009.

This excerpt taken from the BLUD 10-Q filed Jan 8, 2009.

iii) Inventories

Inventories are stated at the lower of cost (first-in, first-out basis) or market (net realizable value). Cost includes material, labor and manufacturing overhead. We use a standard cost system as a tool to monitor production efficiency. The standard cost system applies estimated labor and manufacturing overhead factors to inventory based on budgeted production and efficiency levels, staffing levels and costs of operation, based on the experience and judgment of management. Actual costs and production levels may vary from the standard established and such variances are charged to the consolidated statement of income as a component of cost of sales. Since U.S. generally accepted accounting principles require that the standard cost approximate actual cost, periodic adjustments are made to the standard rates to approximate actual costs. No material changes have been made to the inventory policy during the second quarter of fiscal 2009.

 

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Table of Contents
This excerpt taken from the BLUD 10-Q filed Oct 2, 2008.

iii) Inventories

Inventories are stated at the lower of cost (first-in, first-out basis) or market (net realizable value). Cost includes material, labor and manufacturing overhead. We use a standard cost system as a tool to monitor production efficiency. The standard cost system applies estimated labor and manufacturing overhead factors to inventory based on budgeted production and efficiency levels, staffing levels and costs of operation, based on the experience and judgment of management. Actual costs and production levels may vary from the standard established and such variances are charged to the consolidated statement of income as a component of cost of sales. Since U.S. generally accepted accounting principles require that the standard cost approximate actual cost, periodic adjustments are made to the standard rates to approximate actual costs. No material changes have been made to the inventory policy during the first quarter of fiscal 2009.

This excerpt taken from the BLUD 10-Q filed Apr 2, 2008.

iii) Inventories

 

Inventories are stated at the lower of cost (first-in, first-out basis) or market (net realizable value).  Cost includes material, labor and manufacturing overhead.  We use a standard cost system as a tool to monitor production efficiency. The standard cost system applies estimated labor and manufacturing overhead factors to inventory based on budgeted production and efficiency levels, staffing levels and costs of operation, based on the experience and judgment of management. Actual costs and production levels may vary from the standard established and such variances are charged to the consolidated statement of income as a component of cost of sales.  Since U.S. generally accepted accounting principles require that the standard cost approximate actual cost, periodic adjustments are made to the standard rates to approximate actual costs.  The provision for obsolete and/or excess inventory is reviewed on a quarterly basis or, if warranted by circumstances, more frequently. In evaluating this reserve, management considers technology changes, competition, customer demand, product shelf life and manufacturing quality.  No material changes have been made to the inventory policy during the third quarter of fiscal 2008.

 

This excerpt taken from the BLUD 10-Q filed Jan 8, 2008.

iii) Inventories

 

Inventories are stated at the lower of cost (first-in, first-out basis) or market (net realizable value).  Cost includes material, labor and manufacturing overhead.  We use a standard cost system as a tool to monitor production efficiency. The standard cost system applies estimated labor and manufacturing overhead factors to inventory based on budgeted production and efficiency levels, staffing levels and costs of operation, based on the experience and judgment of management. Actual costs and production levels may vary from the standard established and such variances are charged to the consolidated statement of income as a component of cost of sales.  Since U.S. generally accepted accounting principles require that the standard cost approximate actual cost, periodic adjustments are made to the standard rates to approximate actual costs.  The provision for obsolete and/or excess inventory is reviewed on a quarterly basis or, if warranted by circumstances, more frequently. In evaluating this reserve, management considers technology changes, competition, customer demand, product shelf life and manufacturing quality.  No material changes have been made to the inventory policy during the second quarter of fiscal 2008.

 

This excerpt taken from the BLUD 10-Q filed Oct 5, 2007.

iii) Inventories

 

Inventories are stated at the lower of cost (first-in, first-out basis) or market (net realizable value). Cost includes material, labor and manufacturing overhead. We use a standard cost system as a tool to monitor production efficiency. The standard cost system applies estimated labor and manufacturing overhead factors to inventory based on budgeted production and efficiency levels, staffing levels and costs of operation, based on the experience and judgment of management. Actual costs and production levels may vary from the standard established and such variances are charged to the consolidated statement of income as a component of cost of sales. Since U.S. generally accepted accounting principles require that the standard cost approximate actual cost, periodic adjustments are made to the standard rates to approximate actual costs. The provision for obsolete and/or excess inventory is reviewed on a quarterly basis or, if warranted by circumstances, more frequently. In evaluating this reserve, management considers technology changes, competition, customer demand, product shelf life and manufacturing quality. No material changes have been made to the inventory policy during the first quarter of fiscal 2008.

 

This excerpt taken from the BLUD 10-Q filed Apr 5, 2007.

2.              INVENTORIES

Inventories are stated at the lower of cost (first-in, first-out basis) or market (net realizable value):

 

February 28, 2007

 

May 31, 2006

 

 

 

(in thousands)

 

Raw materials

 

$

4,882

 

$

4,341

 

Work in process

 

3,937

 

3,495

 

Finished goods

 

16,698

 

12,815

 

 

 

$

25,517

 

$

20,651

 

 

This excerpt taken from the BLUD 10-Q filed Jan 5, 2007.

2.              INVENTORIES

Inventories are stated at the lower of cost (first-in, first-out basis) or market (net realizable value):

 

November 30, 2006

 

May 31, 2006

 

 

 

(in thousands)

 

Raw materials and supplies

 

$

3,993

 

$

4,341

 

Work in process

 

3,266

 

3,495

 

Finished goods

 

15,356

 

12,815

 

 

 

$

22,615

 

$

20,651

 

 

7




This excerpt taken from the BLUD 10-Q filed Oct 5, 2006.

2.              INVENTORIES

Inventories are stated at the lower of cost (first-in, first-out basis) or market (net realizable value):

 

August 31, 2006

 

May 31, 2006

 

 

 

(in thousands)

 

 

 

 

 

 

 

Raw materials and supplies

 

$

4,535

 

$

4,341

 

Work in process

 

3,563

 

3,495

 

Finished goods

 

13,681

 

12,815

 

 

 

$

21,779

 

$

20,651

 

 

This excerpt taken from the BLUD 10-Q filed Apr 6, 2006.

4.              INVENTORIES

 

Inventories are stated at the lower of cost or market determined on a first-in, first-out basis (in thousands):

 

 

 

February 28, 2006

 

May 31, 2005

 

 

 

 

 

 

 

Raw materials and supplies

 

$

5,090

 

$

5,710

 

Work in process

 

3,129

 

2,946

 

Finished goods

 

12,196

 

13,180

 

 

 

 

 

 

 

 

 

$

20,415

 

$

21,836

 

 

9



 

This excerpt taken from the BLUD 10-K filed Oct 19, 2005.
Inventories Inventories are stated at the lower of first-in, first-out cost or market. Cost includes material, labor and manufacturing overhead. The Company uses a standard cost system as a tool to monitor production efficiency. The standard cost system applies estimated labor and manufacturing overhead factors to inventory based on budgeted production and efficiency levels, staffing levels and costs of operation, based on the experience and judgment of management. Actual costs and production levels may vary from the standard established and are charged to the consolidated statement of income as a component of cost of sales. Since U.S. generally accepted accounting principles require that the standard cost approximate actual cost, periodic adjustments are necessary. The provision for obsolete inventories is reviewed on a quarterly basis. All finished good reagent products which will expire in less than six months are reserved in the period in which this expiration threshold is met. Any raw, intermediate, or finished product that has been quarantined because it has failed quality control (QC) is reserved in the period in which the product fails QC testing. Should the product be successfully reworked and pass final quality control checks, it is then valued at its standard cost. Obsolete and quarantined inventories are physically segregated from useable and saleable inventories and destroyed according to regulatory and fiscal guidelines. No material changes have been made to the inventory policy during fiscal 2005, 2004 or 2003.

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