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This excerpt taken from the VLG 10-K filed Sep 28, 2006. Inventory
Valley’s inventories are stated at the lower of cost or
market with cost being determined by the first in, first-out
method. Valley writes down its 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.
The components of inventory for the years ended June 30
were as follows:
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