Question: Problem 8.8A (Static) FIFO versus LIFO Comparisons (LO8-1, LO8-7) Walmart uses LIFO to account for its inventories. Recent financial statements were used to compile the

Problem 8.8A (Static) FIFO versus LIFO Comparisons (LO8-1, LO8-7) Walmart uses LIFO to account for its inventories. Recent financial statements were used to compile the following information (dollar figures are in mitlions). Required: Using the information provided, compute the following measures based upon the LFO method a-1. Compute the inventory turnover rate. (Round your answer to 2 decimal places.) a.2. Compute the current ratio. (Round your answer to 2 decimal places.) a.3. Compute the gross profit rate. (Round your percentage answer to 1 decimal place (i.e. 1234 should be entered as 12.3 ))

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