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To: Kathleen capps who wrote (25705)	12/18/1997 3:37:00 AM
From: Trey McAtee	Read Replies (1) \| Respond to of 53903

kathleen-- the problem is the lower of average cost or market. that is playing one hell of a game. they should be carried at the lowest #, not averaged to give a true indication of how the company is doing. of course, thats MU. as always, playing it fast and loose with GAAP. good luck to all, trey

To: Kathleen capps who wrote (25705)	12/18/1997 7:18:00 AM
From: Earlie	Respond to of 53903

Kathleen: That's why I love it. In the telephone conference call, unless my old ears deceived me, management commented that they were carrying inventory at cost. In spite of the frequently cited and totally unsupported assertion that MU is the world's low cost producer (which I don't buy), their own numbers suggest that the current selling prices are at or below cost of production (particularly if one factors in interest costs, amortization of non-active assets, etc). I will peruse the 10K with interest for just this reason. Best, Earlie