Target Corporation prepares its financial statements according to U.S. GAAP. Target's financial statements and disclosure notes for

Question:

Target prepares its according to U.S. GAAP. Target's and disclosure notes for the year ended January 30, 2016, are available in Connect. This material is also available under the Investor Relations link at the company's website (www.target.com).
Required:
1. What indices does Target use to measure the LIFO provision?
2. Why does Target feel that the retail inventory method will result in inventory being valued at the lower of cost or market?
3. How does Target account for inventory when arrangements are made with vendors whereby Target does not purchase or pay for merchandise until the merchandise is ultimately sold to a customer?
Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...