In you response:

1. Identify the name of the company

2. Identify the time period being reported on the Income Statement (ie the Year Ended March 31, 2016)

3. On the Balance Sheet what is the amount of Assets?

4. On the Balance Sheet what is the amount of Inventory?

5. What percent does Inventory represent of Total Assets?

6. Locate in the Footnotes To the Financial Statements the footnote that describes inventory. What method or methods do they use to account for Inventory (ie LIFO, FIFO, Weighted Average) 

7. On the Income Statement, do they show their gross profit? In your response identify the dollar amount of gross sales, the dollar amount of cost of goods sold, and the dollar amount of gross profit if possible. Are you able to calculate their gross profit margin (expressed as a percentage)? Is that a healthy gross profit margin? Pick a competitor and compare their gross profit margins.

Answer rating: 100% (QA)

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