from information in the footnote alone indicate whether johnson amp johnson uses the 615105

Inventory

The following information was taken from the footnotes in the 2008 annual report of Johnson & Johnson.

a. From information in the footnote alone, indicate whether Johnson & Johnson is a retailer, manufacturer, or service firm. Explain.

b. From information in the footnote alone, indicate whether Johnson & Johnson uses the LIFO or FIFO inventory cost flow assumption. Explain. (Hint: What disclosures are required under LIFO? under FIFO?)