Common use of MERCHANDISE INVENTORIES Clause in Contracts

MERCHANDISE INVENTORIES. Merchandise inventories are recorded at the lower of cost or market as determined by the retail inventory method, and are stated using the last-in, first-out (LIFO) method for U.S. merchandise inventories, and the first-in, first-out (FIFO) method for foreign merchandise inventories. If the FIFO method had been used, merchandise inventory would have been $18,650 higher at both November 23, 1997 and November 24, 1996.

MERCHANDISE INVENTORIES. Merchandise inventories are recorded valued at the lower of cost or market as determined primarily by the retail inventory method, and are stated using the last-in, first-out (LIFO) method for U.S. merchandise inventories, and the first-in, first-out (FIFO) method for foreign international merchandise inventories. If the FIFO method had been used, used merchandise inventory inventories would have been $18,650 14,950 and $9,250 higher at both November 23May 8, 1997 1994 and November 24August 29, 19961993, respectively.