CONNECT ONLINE ACCESS FOR INTERMEDIATE
CONNECT ONLINE ACCESS FOR INTERMEDIATE
10th Edition
ISBN: 9781264798834
Author: SPICELAND
Publisher: MCG
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Chapter 8, Problem 8.9DMP

Real World Case 8–9

Effects of inventory valuation methods; Whole Foods Market

• LO8–4, LO8–5, LO8–7

Real World Financials

EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system, performs automated collection, validation, indexing, and forwarding of submission by companies and others who are required by law to file forms with the U.S. Securities and Exchange Commission (SEC). All publicly traded domestic companies use EDGAR to make the majority of their filings. (Some foreign companies file voluntarily.) Form 10-K, which includes the annual report, is required to be filed on EDGAR. The SEC makes this information available on the Internet.

Required:

1. Access EDGAR on the Internet. The web address is www.sec.gov.

2. Search for Whole Foods Market, Inc. Access the 10-K filing for the most recent fiscal year. Search or scroll to find the financial statements and related notes.

3. Answer the following questions related to the company’s inventories:

a. What method(s) does the company use to value its inventories?

b. Calculate what cost of sales would have been for the year if the company had used FIFO to value its inventories.

c. Calculate inventory turnover for the year using the reported numbers.

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Required information 5 [The following information applies to the questions displayed below.] You have been given responsibility for overseeing a bank's small business loans division. The bank has included loan covenants requiring a minimum current ratio of 3.00 in all small business loans. When you ask which inventory costing method the covenant assumes, the previous loans manager gives you a blank look. To explain to him that a company's inventory costing method is important, you present the following balance sheet information. Current assets other than inventory Inventory Other (noncurrent) assets Total assets Current liabilities Other (noncurrent) liabilities Stockholders' equity Total liabilities and stockholders' equity $ 15 (a) 117 $ (b) $ 46 54 (d) $ (c) You ask the former loans manager to find amounts for (a), (b), (c), and (d) assuming the company began the year with 7 units of inventory at a unit cost of $14, then purchased 10 units at a cost of $15 each, and finally…
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Chapter 8 Solutions

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