The notes are an important part of a company's financial statements, giving valuable details that would clutter the tabular data presented in the statements. This case will help you learn to use a company's inventory notes. Refer to the Target financial statements and related notes in Appendix A and answer the following questions: Required 1. How much was the Target merchandise inventory at January 29, 2000? At January 30. 1999? 2. How does Target value its inventories? Which cost methods does the company use? Ignore the retail method that Target refers to. 3. By rearranging the cost-of-goods-sold formula, you can determine purchases, which are not disclosed in the Target statements. How much were the company's inventory pur- chases during the year ended January 29, 2000?