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What was the cost that anf incurred to acquire inventory

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Reference no: EM132863216

Question - Inferring Transactions from Financial Statements - Abercrombie & Fitch Co. (ANF) is a specialty retailer of casual apparel. The following information is taken from ANF's fiscal 10-K report for the fiscal year 2017, which ended February 3, 2018.

Selected Balance Sheet Data February 3, 2018 January 28, 2017

Inventory $424,393 $399,795

Accrued compensation 65,045 37,235

a. ANF reported Cost of Goods Sold of $1,408,848 (thousand) for its fiscal year 2017. What was the cost that ANF incurred to acquire inventory for its fiscal year 2017?

b. Assume that ANF reported Compensation Expense of $650,000 (thousand) for its fiscal year 2017. What amount of compensation was paid to its employees for fiscal year 2017?

c. Where would you expect ANF to report its balance of Accrued Compensation? Reported as a current liability, current asset on the balance sheet.

Reference no: EM132863216

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