Macys Inc. is the parent company of Macys and Blooming dales department stores. Use Macys annual report

Question:

Macy’s Inc. is the parent company of Macy’s and Blooming dale’s department stores. Use Macy’s annual report with a year-end of February2, 2008, to answer the following questions. The annual report can be found at www.macys.com; follow the links to investor relations.
Required:
(a) What is Macy’s cost of sales?
(b) What is the average balance in inventory for the year?
(c) Calculate the and the age of inventory. Comment on the results.
(d) What is the main method of cost ﬂow valuation used by Macy’s?
(e) Does the company write its inventory down to lower-of-cost-or-market?
(f) From February 2007 to February 2008, what was the percent increase or decrease in
(1) Net sales.
(2) Cost of sales.
(3) ? Comment on the relationship among these percentages.
Inventory Turnover Ratio
Inventory Turnover RatioThe inventory turnover ratio is a ratio of cost of goods sold to its average inventory. It is measured in times with respect to the cost of goods sold in a year normally. Inventory Turnover Ratio FormulaWhere,... Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...