Vodafone 2014 Annual Report Download - page 135

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14. Inventory
Our inventory primarily consists of mobile handsets and is presented net of an allowance for obsolete products.
Accounting policies
Inventory is stated at the lower of cost and net realisable value. Cost is determined on the basis of weighted average costs and comprises direct
materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location
and condition.
2014
Restated
2013
£m £m
Goods held for resale 441 353
Inventory is reported net of allowances for obsolescence, an analysis of which is as follows:
2014
Restated
2013
Restated
2012
£m £m £m
1 April (89) (92) (99)
Exchange movements 6(6) 7
Amounts credited to the income statement (5) 9 –
31 March (88) (89) (92)
Cost of sales includes amounts related to inventory amounting to £5,340 million (2013: £5,107 million; 2012: £5,409 million).
Annual Report 2014 133Overview
Strategy
review Performance Governance Financials Additional
information