Required: 1. Does Target use average cost, FIFO, or LIFO as its inventory cost flow assumption? 3. Calculate the gross profit ratio and the inventory turnover ratio for the fiscal year ended February 1, 2020. Compare Target's ratios with the industry averages of 24.5% and 7.1 times. Determine whether Target's ratios indicate the company is more or less profitable and sells its inventory more or less frequently compared to the industry average. Complete this question by entering your answers in the tabs below. Required 1 Required 3 Does Target use average cost, FIFO, or LIFO as its inventory cost flow assumption? Does Target use average cost, FIFO, or LIFO as its inventory cost flow assumption? Required: 1. Does Target use average cost, FIFO, or LIFO as its inventory cost flow assumption? 3. Calculate the gross profit ratio and the inventory turnover ratio for the fiscal year ended February 1, 2020. Compare Target's ratios with the industry averages of 24.5% and 7.1 times. Determine whether Target's ratios indicate the company is more or less profitable and sells its inventory more or less frequently compared to the industry average. Complete this question by entering your answers in the tabs below. Required 1 Required 3 Calculate the gross profit ratio and the inventory turnover ratio for the fiscal year ended February 1, 2020. Compare Target's ratios with the industry averages of 24.5% and 7.1 times. Determine whether Target's ratios indicate the company is more or less profitable and sells its inventory more or less frequently compared to the industry average. Note: Do not round intermediate calculation. Round "Gross profit ratio" to 1 decimal place and "Inventory turnover ratio" to 2 decimal places. Gross profit ratio Inventory turnover ratio Gross profit ratio indicates that the company is Inventory turnover ratio indicates that the company sells its inventory % times Show less