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Category > Accounting Posted 13 Jul 2017 My Price 10.00

Kroger Case 3,

Attached is the sheet (assignment)

Case 3: The Kroger Company

The Kroger Company reported the following data in its annual report (in millions).

 

January 31, 2015

February 1, 2014

February 2, 2013

Net sales

$108,465

$98,375

$96,619

Cost of sales (using LIFO)

  85,512

 78,138

 76,726

Year-end inventories using FIFO

   6,933

  6,801

  6,244

Year-end inventories using LIFO

   5,688

  5,651

  5,146

Instructions

(a)Compute Kroger’s inventory turnovers for fiscal years ending January 31, 2015, and February 1, 2014, using:

(1)Cost of sales and LIFO inventory.

(2)Cost of sales and FIFO inventory.

(b)Some firms calculate inventory turnover using sales rather than cost of goods sold in the numerator. Calculate Kroger’s fiscal years ending January 31, 2015, and February 1, 2014, turnover, using:

(1)Sales and LIFO inventory.

(2)Sales and FIFO inventory.

(c)State which method you would choose to evaluate Kroger’s performance. Justify your choice.

 

 

Answers

QuickHelper
(10)
Status NEW Posted 13 Jul 2017 06:07 AM My Price 10.00

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