The footnotes to the 2008 financial statements of Intel Corporation contained the following information (dollars in millions):
|
2008 |
2007 |
|
|
Raw material |
$608 |
$507 |
|
Work in process |
1,577 |
1,460 |
|
Finished goods |
1,559 |
1,403 |
|
$3,744 |
$3,370 |
Is Intel a retailer or a manufacturer? What dollar amount appeared in the inventory account on the 2008 balance sheet? Provide several examples of the kinds of costs included in work in process and finished goods.