The 2010 annual report of The New York Times Company includes the following note: 4. Inventories

Inventories as shown in the accompanying Consolidated Balance Sheets were as follows:

Inventories are stated at the lower of cost or current market value. Cost was determined utilizing the LIFO method for 66% of inventory in 2010 and 70% of inventory in 2009. The excess of replacement or current cost over stated LIFO value was approximately $5 million as of December 26, 2010 and $3 million as of December 27, 2009. The remaining portion of inventory is accounted for under the FIFO method.

Required

1. What types of inventory costs does The New York Times Company carry? What about newspapers? Are newspapers considered inventory?

2. Why would the company choose more than one method to value its inventory?

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(In thousands) December 26, 2010 December 27, 2009 Newsprint and magazine paper Other inventory Total $12,596 3,536 $16,132 $12,013 4,290 $16,303