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Target Corporation prepares its financial statements according to U$.$S$.$ GAAP. Target$$s financial statements and disclosure notes for the year ended February $1,2020,$ are available here. This material is also available under the Investor Relations link at the company$$s website $($www$.$target.com$).$

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$$s ratios with the industry averages of $24\mathrm{.}5\%$ and $7\mathrm{.}1$ times. Determine whether Target$$s ratios indicate the company is more or less profitable and sells its inventory more or less frequently compared to the industry average.