Computing Inventory Ratios Target Corporation reported the following information in a recent Form 10-K. Consolidated Statement of Operations ($ millions) Cost of sales Consolidated Statement of Financial Position ($ millions) Inventory FY 2016 $77,996 a. Inventory turnover ratio b. Average days in inventory What is the (a) inventory turnover ratio, and (b) average days in inventory, for the fiscal year ended January 30, 2016? • Round your answers to two decimal places (for example, enter 5.41 for 5.4055). 0 0 FY 2016 FY 2015 $13,762 $8,282

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.