Vodafone 2015 Annual Report Download - page 140

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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.
2015 2014
£m £m
Goods held for resale 482 441
Inventory is reported net of allowances for obsolescence, an analysis of which is as follows:
2015 20142013
£m £m £m
1 April (88) (89) (92)
Exchange movements 8 6 (6)
Amounts credited/(debited) to the income statement 6(5) 9
31 March (74) (88) (89)
Cost of sales includes amounts related to inventory amounting to £5,701 million (2014: £5,340 million; 2013: £5,107 million).
Notes to the consolidated nancial statements (continued)
Vodafone Group Plc
Annual Report 2015
138