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The Kroger Company Net sales Cost of sales (using LIFO) Year-end inventories using FIFO Year-end inventories using LIFO Required: Compute the following: Kroger uses the LIFO inventory method and sales and cost of sales are reported above using LIFO. LIFO reserve is Gross margin in dollars (LIFO) Gross margin in dollars (FIFO) LIFO Inventory turnover* January 31, 2015 February 1, 2014 February 2, 2013 108,465.00 98,375.00 96,619.00 78,138 6,801 5,651 FIFO Inventory turnover* 85,512 6,933 5,688 76,726 6,244 5,146 January 31, 2015 February 1, 2014 February 2, 2013

The Kroger Company Net sales Cost of sales (using LIFO) Year-end inventories using FIFO Year-end inventories using LIFO Required: Compute the following: Kroger uses the LIFO inventory method and sales and cost of sales are reported above using LIFO. LIFO reserve is Gross margin in dollars (LIFO) Gross margin in dollars (FIFO) LIFO Inventory turnover* January 31, 2015 February 1, 2014 February 2, 2013 108,465.00 98,375.00 96,619.00 78,138 6,801 5,651 FIFO Inventory turnover* 85,512 6,933 5,688 76,726 6,244 5,146 January 31, 2015 February 1, 2014 February 2, 2013

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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The Kroger Company Net sales Cost of sales (using LIFO) Year-end inventories using FIFO Year-end inventories using LIFO Required: Compute the following: LIFO reserve is Kroger uses the LIFO inventory method and sales and cost of sales are reported above using LIFO. Gross margin in dollars (LIFO) Gross margin in dollars (FIFO) LIFO Inventory turnover* FIFO Inventory turnover* Definitions *Inventory turnover ratio= Gross margin in dollars = January 31, 2015 February 1, 2014 February 2, 2013 108,465.00 98,375.00 96,619.00 76,726 6,244 5,146 = 85,512 6,933 5,688 78,138 6,801 5,651 January 31, 2015 February 1, 2014 February 2, 2013 Cost of Sales/Year-end Inventory Net Sales less cost of sales
Transcribed Image Text:The Kroger Company Net sales Cost of sales (using LIFO) Year-end inventories using FIFO Year-end inventories using LIFO Required: Compute the following: LIFO reserve is Kroger uses the LIFO inventory method and sales and cost of sales are reported above using LIFO. Gross margin in dollars (LIFO) Gross margin in dollars (FIFO) LIFO Inventory turnover* FIFO Inventory turnover* Definitions *Inventory turnover ratio= Gross margin in dollars = January 31, 2015 February 1, 2014 February 2, 2013 108,465.00 98,375.00 96,619.00 76,726 6,244 5,146 = 85,512 6,933 5,688 78,138 6,801 5,651 January 31, 2015 February 1, 2014 February 2, 2013 Cost of Sales/Year-end Inventory Net Sales less cost of sales
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