The financial statements of Louis Vuitton are presented in Appendix F. Instructions for accessing and using the company’s complete annual report, including the notes to its financial statements, are also provided in Appendix F.

Instructions Use Louis Vuitton’s annual report to answer the following questions.

(a) Does Louis Vuitton use a multiple-step or a single-step income statement format?

Explain how you made your determination.

(b) Instead of “interest expense,” what label does Louis Vuitton use for interest costs that it incurs?

(c) Using the notes to the company’s financial statements, determine the following:

(1) Composition of the inventory.

(2) Amount of inventory (gross) before impairment.