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This excerpt taken from the VLG 10-K filed Sep 28, 2006. Inventories
Our inventories are stated at the lower of cost or market, with
cost determined by the
first-in,
first-out method. We write down our inventory for estimated
obsolescence or unmarketable inventory equal to the difference
between the cost of inventory and the estimated market value
based upon its physical condition, as well as assumptions about
future demand and market conditions. If actual demand or market
conditions in the future are less favorable than those
estimated, additional inventory write-downs may be required.
Estimates of physical losses of inventory are made on a
quarterly basis based upon historical results.
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