To help determine whether current profits will continue and grow in the future, investors need information on management's plans. Investors are especially interested in how management plans to compete in the modern business environment. Let's use Target Corporation's annual report to consider the company's operations and management's plans. To answer the following questions, you will need to refer to the description of Target Corporation, the chairman's letter to shareholders in the company's annual report, and the financial statements. Required 1. Is Target Corporation a service company, a merchandiser, or a manufacturer? What financial statement information supports your answer? What information outside the financial statements supports your answer? 2. What costs would Target classify as inventoriable? 3. Use Management's Discussion and Analysis in the annual report to identify some of the company's cost objects. 4. Does Target's management see time-based competition as critical to the company's suc- cess? What specific steps is it taking to meet this challenge?