LOC Container Corporation is preparing financial statements for the fiscal year ended April 30, 1999. Because all of LOC Container's shares are traded within state, the company does not file reports with the Securities and Exchange Commission. The company manufactures plastic, glass, and paper containers for sale to food and drink manufacturers and to distributors. LOC maintains separate control accounts for raw materials, work-in-process, and finished goods inventories for each of the three types of containers. Inventories are valued at the lower of cost or market. The company's fixed assets are classified into the following major classes: land, office buildings, furniture and fixtures, manufacturing facilities, manufacturing equipment, and leasehold improvements. All fixed assets are carried at cost. Depreciation methods vary depending on the type of asset and acquisition date. LOC plans to present the inventory and fixed assets at April 30, 1999, as follows:

Required: 

What information must LOC Container Corporation disclose about inventories and fixed assets in audited financial statements issued to shareholders?

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Inventories Property, plant, and equipment (Net of Depreciation). $1,659,609 $3,578,475