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
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Chapter1: Financial Statements And Business Decisions
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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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