| Description |
Summary of significant accounting policies:
Inventories. Inventories are valued at cost, not in excess of market. Cost is determined on
the “average-cost” basis , except for the cost of finished products carried by certain subsidiary
companies, which is determined on a last-in, first-out (LIFO) basis. Inventories valued on
the LIFO basis totaled JPY94,578 million and JPY50,037 million at 31 December 2017 and
2018, respectively. Had the FIFO basis been used for those companies using the LIFO basis,
inventories would have been JPY10,120 million and JPY19,660 million higher than reported
at 31 December 2017 and 2018, respectively. |