DVS is a national chain of drug stores. The following are excerpted from DVS' 2021 financial...

  

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DVS is a national chain of drug stores. The following are excerpted from DVS' 2021 financial statements (in millions). DVS has a June 30 year end. Assets Cash & cash equivalents Accounts receivable, net Inventories Other current assets Total current assets Net sales Cost of sales Gross profit 2021 $ 1,600 2,900 16,000 1,000 $21.500 2020 $1,500 2,600 14,000 600 $18,700 2021 2020 $150,000 $145,000 110,000 104,000 $ 40,000 $ 41,000 DVS's inventory footnote follows: Inventories are valued on a lower of last-in, first-out (LIFO) cost or market basis. At June 30, 2021 and 2020, inventories would have been greater by $2,500 million and $2,200 million, respectively, if they had been valued on a lower of first-in, first-out (FIFO) cost or market basis. Inventory includes product cost, inbound freight, warehousing costs and vendor allowances that are not included as a reduction of advertising expense. DVS is a national chain of drug stores. The following are excerpted from DVS' 2021 financial statements (in millions). DVS has a June 30 year end. Assets Cash & cash equivalents Accounts receivable, net Inventories Other current assets Total current assets Net sales Cost of sales Gross profit 2021 $ 1,600 2,900 16,000 1,000 $21.500 2020 $1,500 2,600 14,000 600 $18,700 2021 2020 $150,000 $145,000 110,000 104,000 $ 40,000 $ 41,000 DVS's inventory footnote follows: Inventories are valued on a lower of last-in, first-out (LIFO) cost or market basis. At June 30, 2021 and 2020, inventories would have been greater by $2,500 million and $2,200 million, respectively, if they had been valued on a lower of first-in, first-out (FIFO) cost or market basis. Inventory includes product cost, inbound freight, warehousing costs and vendor allowances that are not included as a reduction of advertising expense.

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