The Kroger Company Net sales Cost of sales (using LIFO) Year-end inventories using FIFO Year-end inventories...

Transcribed Image Text:

The Kroger Company Net sales Cost of sales (using LIFO) Year-end inventories using FIFO Year-end inventories using LIFO January 31, 2015 February 1, 2014 February 2, 2013 108,465.00 85,512 6,933 5,688 98,375.00 96,619.00 78,138 76,726 6,801 6,244 5,651 5,146 Kroger uses the LIFO inventory method and sales and cost of sales are reported above using LIFO. Required: Compute the following: January 31, 2015 February 1, 2014 February 2, 2013 LIFO reserve is Gross margin in dollars (LIFO) Gross margin in dollars (FIFO) LIFO Inventory turnover* FIFO Inventory turnover* Definitions *Inventory turnover ratio = Gross margin in dollars = Cost of Sales/Year-end Inventory Net Sales less cost of sales The Kroger Company Net sales Cost of sales (using LIFO) Year-end inventories using FIFO Year-end inventories using LIFO January 31, 2015 February 1, 2014 February 2, 2013 108,465.00 85,512 6,933 5,688 98,375.00 96,619.00 78,138 76,726 6,801 6,244 5,651 5,146 Kroger uses the LIFO inventory method and sales and cost of sales are reported above using LIFO. Required: Compute the following: January 31, 2015 February 1, 2014 February 2, 2013 LIFO reserve is Gross margin in dollars (LIFO) Gross margin in dollars (FIFO) LIFO Inventory turnover* FIFO Inventory turnover* Definitions *Inventory turnover ratio = Gross margin in dollars = Cost of Sales/Year-end Inventory Net Sales less cost of sales