Question: SuperValue Inc one of the largest grocery chains in the
SuperValue Inc., one of the largest grocery chains in the United States, reported inventories of $2,709 million and $2,776 million in its February 28, 2009, and February 23, 2008, balance sheets, respectively. Cost of goods sold for the fiscal year ended February 28, 2009, was $34,451 million. The company uses primarily the LIFO inventory method. A disclosure note reported that if FIFO had been used instead of LIFO, inventory would have been higher by $258 million and $180 million at the end of the February 28, 2009, and February 23, 2008, fiscal years, respectively. Calculate cost of goods sold for the February 28, 2009, fiscal year assuming SuperValue used FIFO instead of LIFO.
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