Finished goods or minerals products, crude petroleum, and natural gas liquids inventories, end of year ($1,000)

{
  "id": "MLC-T-ECS-000730",
  "term": "Finished goods or minerals products, crude petroleum, and natural gas liquids inventories, end of year ($1,000)",
  "field": "Economic statistics",
  "definition": "The total value of merchandise inventories owned on December 31st of the reporting year (and/or the prior year if applicable), regardless of where held. Excludes the value of inventories held by the establishment but owned by others.\n\nData are shown in thousands of dollars ($1,000).\n\nSector-Specific Information:\n\nManufacturing and Mining Sectors\n\nWhen using inventory data by stage of fabrication for (all industries) and at the three-digit subsector level, it should be noted that an item treated as a finished product by an establishment in one industry may be reported as a raw material by an establishment in a different industry. For example, the finished-product inventories of a steel mill would be reported as raw materials by a stamping plant. Such differences are present in the inventory figures by stage of fabrication shown for all publication levels. LIFO reserve is the difference between the current cost (e.g., First-In, First-Out (FIFO) of inventories (gross value) and the LIFO carrying value (net value).\n\nTotal inventories and three stages of fabrication were collected for the Manufacturing industry:\n\n• finished goods\n\n• work-in-process\n\n• materials, supplies, parts, fuels, etc.\n\nTotal inventories and two stages of fabrication were collected for the Mining industry:\n\n• mineral products, crude petroleum, and natural gas liquids\n\n• supplies, parts, fuels, etc.\n\nInventory valuation methods include:\n\n• Subject to Last-in, First-out (LIFO) costing (including LIFO reserve and value)\n\n• Not subject to LIFO costing\n\n• Valuation method not reported\n\n• Amount subject to LIFO reported without associated reserve and value\n\n• First-in, first-out (FIFO) inventory costing\n\n• Average cost\n\n• Standard cost\n\n• Other non-LIFO inventory",
  "references": [
    "U.S. Census Bureau Glossary"
  ],
  "url": "https://mlchart.com/terminology/economic-statistics/finished-goods-or-minerals-products-crude-petroleum-and-natural-gas-liquids-end/"
}