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ICI » Topics » Valuation of inventories

This excerpt taken from the ICI 6-K filed Mar 21, 2007.
Valuation of inventories
Finished goods, raw materials and other inventories are stated at the lower of cost and net realisable value; the first in, first out or an average cost method of valuation is used consistently across inventory classes of a similar nature. In determining cost for inventory valuation purposes, depreciation is included but selling expenses and certain overhead expenses are excluded.

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