Question: Walmart Inc. Financial Data for the Year: Beginning Inventory: $8,000,000 Purchases: $25,000,000 Ending Inventory: $7,000,000 Net Sales: $35,000,000 Operating Expenses: $10,000,000 Requirements: Create the Cost

Walmart Inc.

Financial Data for the Year:

  • Beginning Inventory: $8,000,000
  • Purchases: $25,000,000
  • Ending Inventory: $7,000,000
  • Net Sales: $35,000,000
  • Operating Expenses: $10,000,000

Requirements:

  1. Create the Cost of Goods Sold (COGS) statement.
  2. Determine the Gross Profit.
  3. Calculate the Inventory Turnover Ratio.
  4. Draft a partial Income Statement showing Net Sales, COGS, and Gross Profit.
  5. Analyze the relationship between Walmart's inventory turnover ratio and its competitive pricing strategy.

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