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Inventories

3 Months Ended

Dec. 28, 2013

INVENTORIES

Processed products, livestock and supplies and other are valued at the lower of cost or market. Cost includes purchased raw materials, live purchase costs, growout costs (primarily feed, contract grower pay and catch and haul costs), labor and manufacturing and production overhead, which are related to the purchase and production of inventories. Total inventory consists of the following (in millions):



	December 28, 2013		September 28, 2013
Processed products:
Weighted-average method – chicken and prepared foods	$	780	$	799
First-in, first-out method – beef and pork	622		624
Livestock – first-in, first-out method	982		1,002
Supplies and other – weighted-average method	394		392
Total inventory	$	2,778	$	2,817

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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