Reference no: EM132626799

ACC-370 Intermediate Accounting Assignment - Grand Canyon University, USA

Question - The Kroger Company reported the following data in its annual report (in millions).

	January 28, 2017	January 30, 2016	January 31, 2015
Net sales	$115,337	$109,830	$108,465
Cost of sales (using LIFO)	89,502	85,496	85,512
Year-end inventories using FIFO	7,852	7,440	6,933
Year-end inventories using LIFO	6,561	6,168	5,688

Required -

Compute Kroger's inventory turnovers for fiscal years ending January 28, 2017, and January 30, 2016, using:

(1) Inventory turnover using cost of sales and LIFO inventory.

(2) Inventory turnover using cost of sales and FIFO inventory.