Abercrombie & Fitch Co. (ANF) is a specialty retailer of casual apparel. The following information is taken
Question:
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. (All amounts in $ thousands.)
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?
Step by Step Answer:
Financial Accounting
ISBN: 9781618533111
6th Edition
Authors: Michelle L. Hanlon, Robert P. Magee, Glenn M. Pfeiffer, Thomas R. Dyckman