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Compute krin inventory turnovers for fiscal years

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

January 31, 2015

February 1, 2014

February 2, 2013

Net sales

$108,465

$98,375

$96,619

Cost of sales (using LIFO)

85,512

78,138

76,726

Year-end inventories using FIFO

6,933

6,801

6,244

Year-end inventories using LIFO

5,688

5,651

5,146

Required - Compute Krin's inventory turnovers for fiscal years ending January 31, 2015, and February 1, 2014, using:

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

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

Reference no: EM131595161

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