Question: Qualcomm Incorporated is a leading developer and manufacturer of digital wireless telecommunications products and services. Qualcomm reported the following inventories on September 30, 2004, in

Qualcomm Incorporated is a leading developer and manufacturer of digital wireless telecommunications products and services. Qualcomm reported the following inventories on September 30, 2004, in the notes to its financial statements:

(In millions)

September 30, 2004

Raw materials ....... $ 20

Work-in-process ....... 3

Finished goods ....... 131

$154

a. Why does Qualcomm report three different inventories?

b. What costs are included in each of the three classes of inventory?

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