Ford 2012 Annual Report Download - page 99

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Ford Motor Company | 2012 Annual Report 97
FORD MOTOR COMPANY AND SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS
NOTE 10. INVENTORIES
All inventories are stated at the lower of cost or market. Cost for a substantial portion of U.S. inventories is
determined on a last-in, first-out ("LIFO") basis. LIFO was used for approximately 18% and 17% of total inventories at
December 31, 2012 and 2011, respectively. Cost of other inventories is determined by costing methods that approximate
a first-in, first-out ("FIFO") basis.
Inventories were as follows (in millions):
December 31,
2012
December 31,
2011
Raw materials, work-in-process, and supplies $ 3,697 $ 2,847
Finished products 4,614 3,982
Total inventories under FIFO 8,311 6,829
Less: LIFO adjustment (949) (928)
Total inventories $ 7,362 $ 5,901
For more information visit www.annualreport.ford.com