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Macy's Inc., a well-known department store chain, is preparing its financial statements for the fiscal year ending January 31, 2024. The company's accountants have gathered the following information: total revenue of $24.5 billion, cost of goods sold of $14.8 billion, operating expenses of $8.2 billion, interest expense of $280 million, and income tax expense of $300 million. Additionally, Macy's had 310 million shares of common stock outstanding during the year. Calculate Macy's earnings per share (EPS) for the fiscal year 2024. Lowe's Companies, Inc., a major home improvement retailer, is evaluating its inventory management system at the end of its fiscal year 2023. The company uses the FIFO (First-In, First-Out) method for inventory valuation. On January 1, 2023, Lowe's had an opening inventory of 10,000 units valued at $50 per unit. During the year, they made three purchases: 15,000 units at $55 on March 1, 20,000 units at $60 on July 1, and 18,000 units at $65 on November 1. Lowe's sold a total of 50,000 units throughout the year. The company wants to determine the value of its ending inventory and the cost of goods sold for the fiscal year 2023.

Macy's Inc., a well-known department store chain, is preparing its financial statements for the fiscal year ending January 31, 2024. The company's accountants have gathered the following information: total revenue of $24.5 billion, cost of goods sold of $14.8 billion, operating expenses of $8.2 billion, interest expense of $280 million, and income tax expense of $300 million. Additionally, Macy's had 310 million shares of common stock outstanding during the year. Calculate Macy's earnings per share (EPS) for the fiscal year 2024. Lowe's Companies, Inc., a major home improvement retailer, is evaluating its inventory management system at the end of its fiscal year 2023. The company uses the FIFO (First-In, First-Out) method for inventory valuation. On January 1, 2023, Lowe's had an opening inventory of 10,000 units valued at $50 per unit. During the year, they made three purchases: 15,000 units at $55 on March 1, 20,000 units at $60 on July 1, and 18,000 units at $65 on November 1. Lowe's sold a total of 50,000 units throughout the year. The company wants to determine the value of its ending inventory and the cost of goods sold for the fiscal year 2023.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Macy's Inc., a well-known department store chain, is preparing its financial statements for the fiscal year ending January 31, 2024. The company's accountants have gathered the following information: total revenue of $24.5 billion, cost of goods sold of $14.8 billion, operating expenses of $8.2 billion, interest expense of $280 million, and income tax expense of $300 million. Additionally, Macy's had 310 million shares of common stock outstanding during the year. Calculate Macy's earnings per share (EPS) for the fiscal year 2024. Lowe's Companies, Inc., a major home improvement retailer, is evaluating its inventory management system at the end of its fiscal year 2023. The company uses the FIFO (First-In, First-Out) method for inventory valuation. On January 1, 2023, Lowe's had an opening inventory of 10,000 units valued at $50 per unit. During the year, they made three purchases: 15,000 units at $55 on March 1, 20,000 units at $60 on July 1, and 18,000 units at $65 on November 1. Lowe's sold a total of 50,000 units throughout the year. The company wants to determine the value of its ending inventory and the cost of goods sold for the fiscal year 2023.
Transcribed Image Text:Macy's Inc., a well-known department store chain, is preparing its financial statements for the fiscal year ending January 31, 2024. The company's accountants have gathered the following information: total revenue of $24.5 billion, cost of goods sold of $14.8 billion, operating expenses of $8.2 billion, interest expense of $280 million, and income tax expense of $300 million. Additionally, Macy's had 310 million shares of common stock outstanding during the year. Calculate Macy's earnings per share (EPS) for the fiscal year 2024. Lowe's Companies, Inc., a major home improvement retailer, is evaluating its inventory management system at the end of its fiscal year 2023. The company uses the FIFO (First-In, First-Out) method for inventory valuation. On January 1, 2023, Lowe's had an opening inventory of 10,000 units valued at $50 per unit. During the year, they made three purchases: 15,000 units at $55 on March 1, 20,000 units at $60 on July 1, and 18,000 units at $65 on November 1. Lowe's sold a total of 50,000 units throughout the year. The company wants to determine the value of its ending inventory and the cost of goods sold for the fiscal year 2023.
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