Question

Select a company in your pathway that maintains inventory. Don't use a company that someone has already used. Please put the company's name as the subject of your post. (No posting the company name only to hold it. You must make a full post or I will delete it.)

Access a recent (less than 12 months) annual 10-K report for the company at the EDGAR filings at SEC Edgar search tool or Yahoo or Google finance. Review the report and in and in a minimum of three paragraphs, tell us the following:

1. When the report was filed and the time period it covers, indicating specific dates.
2. What are the company's major product lines?
3. What inventory methods do they use? (Hint: see the Notes of the financial statements)
4. List the major components of the inventory and their values.
5. Include two other items that you found interesting about the financial statements.  Minimum of 3 paragraphs

PLEASE DO NOT SUBMIT ANOTHER STUDENT WORK. THANK YOU

Answer 1

Here i am giving details of Altria Group, Inc..

a) Annual Report on Form 10-K. Altria’s consolidated financial statements and accompanying notes for the year ended December 31, 2019 were filed on Form 8-K on January 30, 2020

b) Major product line inclue mpany's tobacco brands include Marlboro, Copenhagen, Skoal and Black & Mild. Altria also owns Ste. Michelle Wine Estates, one of the country's top wine producers, and Philip Morris Capital Corporation, an investment company.

c) Method:- The last-in, first-out (“LIFO”) method is used to determine the cost of substantially all tobacco inventories. The cost of the remaining inventories is determined using the first-in, first-out (“FIFO”) and average cost methods. Inventories that are measured using the LIFO method are stated at the lower of cost or market. Inventories that are measured using the FIFO and average cost methods are stated at the lower of cost and net realizable value. It is a generally recognized industry practice to classify leaf tobacco and wine inventories as current assets although part of such inventory, because of the duration of the curing and aging process, ordinarily would not be used within one year.

The cost of approximately 56% and 58% of inventories at December 31, 2019 and 2018, respectively, was determined using the LIFO method. The stated LIFO amounts of inventories were approximately $0.6 billion and $0.7 billion lower than the current cost of inventories at December 31, 2019 and 2018, respectively

d) Major component of inventory

i) Cigarettes

ii) wine

iii) smokeless tobaco product

iv) Cigar

e) interesting thing about report:-

i) auditor has given clean report which mean this company is complying with all rules and regulation and follwoing us gaap

ii) The sale of smokable product got decreased from 22297 in 2018 to 21996 in 2019.

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*hey above data is taken from financial report of altria.