Obtain Wal-Mart's 2008 annual report either through the ''Investor Relations'' portion of its website (do a web
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1. What amount did Wal-Mart report for inventories in its consolidated balance sheets at January 31, 2008? At January 31, 2007?
2. What inventory valuation method does Wal-Mart use to determine the cost of its inventories?
3. What amount did Wal-Mart report for cost of goods sold for 2008, 2007, and 2006?
4. Compute the gross profit and inventory turnover ratios for 2008. What do these ratios tell you?
5. Does Wal-Mart use the lower of cost or market method to account for its inventory? Does it appear thatWal-Mart will write down its inventory to market value?
6. What would be the effect on the financial statements if Wal-Mart were to overstate its inventory by 1 percent?
Inventory Turnover Ratio
Inventory Turnover RatioThe inventory turnover ratio is a ratio of cost of goods sold to its average inventory. It is measured in times with respect to the cost of goods sold in a year normally. Inventory Turnover Ratio FormulaWhere,... Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
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1 Inventory for 2008 was 35180000000 and for 2007 it was 33685000000 2 WalMart primari...View the full answer
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Related Book For 
Cornerstones of Financial and Managerial Accounting
ISBN: 978-0324787351
1st Edition
Authors: Rich Jones, Mowen, Hansen, Heitger
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