N1.Accountplease answer only question #3 Refer to the financial statements of Express, Inc., given in Appendix C.Required:2. What method does the company use to determine the cost of its inventory?3. If the company overstated ending inventory by $10 million for the year ended February 3, 2018, what would be the corrected valuefor Income before Income Taxes? (Enter your answers in thousands, rounded to 2 decimal places.)4. Compute the inventory turnover ratio for the current year. (Round your answer to 2 decimal places.)2. Method3. Income before incomeincome taxes would be4. Inventory turnoverWeigthed Averagetaxes would be6.00overstatedthousand.by$10 million, so the corrected value for income before. NET SALESCOST OF GOODS SOLD, BUYING AND OCCUPANCY COSTSGross profitOPERATING EXPENSES:Selling, general, and administrative expensesRestructuring costsOther operating expense, netTotal operating expensesOPERATING INCOMEINTEREST EXPENSE, NETOTHER (INCOME) EXPENSE, NETINCOME BEFORE INCOME TAXESINCOME TAX EXPENSENET INCOME$20172,138,0301,522,797615,233562,08822,869536585,49329,7402,242(537)28,0358,66919,366$$20162,192,5471,529,343663,204559,54162559,603103,60113.468(484)90,61733,20057,417SS20152,350,1291,554,852795,277587,747292588,030207,23815,882672190,68474,171116,513

The goods or items (considered inventory) owned by a business entity at the period-end while…

NET SALES COST OF GOODS SOLD, BUYING AND OCCUPANCY COSTS Gross profit OPERATING EXPENSES: Selling, general, and administrative expenses Restructuring costs Other operating expense, net Total operating expenses OPERATING INCOME INTEREST EXPENSE, NET OTHER (INCOME) EXPENSE, NET INCOME BEFORE INCOME TAXES INCOME TAX EXPENSE NET INCOME S 2017 2,138,030 S 1,522,797 615,233 562,088 22,869 536 585,493 29,740 2,242 (537) 28,035 8,669 19,366 $ 2016 2,192,547 1,529,343 663,204 559,541 62 559,603 103,601 13,468 (484) 90,617 33,200 57,417 S S 2015 2,350,129 1,554,852 795,277 587,747 292 588,030 207,238 15,882 672 190,684 74,171 116,513

NET SALES COST OF GOODS SOLD, BUYING AND OCCUPANCY COSTS Gross profit OPERATING EXPENSES: Selling, general, and administrative expenses Restructuring costs Other operating expense, net Total operating expenses OPERATING INCOME INTEREST EXPENSE, NET OTHER (INCOME) EXPENSE, NET INCOME BEFORE INCOME TAXES INCOME TAX EXPENSE NET INCOME S 2017 2,138,030 S 1,522,797 615,233 562,088 22,869 536 585,493 29,740 2,242 (537) 28,035 8,669 19,366 $ 2016 2,192,547 1,529,343 663,204 559,541 62 559,603 103,601 13,468 (484) 90,617 33,200 57,417 S S 2015 2,350,129 1,554,852 795,277 587,747 292 588,030 207,238 15,882 672 190,684 74,171 116,513

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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