1) Google the NIKE 2021 annual report (10K) income statement.(chrome-------extension://efaidnbmnnnibpcajpcglclefindmkaj/https://app.stocklight.com/stocks/us/manufacturing/nyse-nke/nike/annual-reports/nyse-nke-2021-10K-211101286.pdf)

Compute the following ratio, COGS/Net Sales=Gross Profit Margin. Example 500COGS/1000Net Sales=.50, this means each sales dollar cost them 50 cents. The lower the COGS (Inventory) the higher the gross profit.

The income statement shows three years, compute the ratio for the three years and briefly comment on the results.

2) Explain the difference between LIFO, FIFO, Avg Cost and which industries are most likely to use one over the other and why?

What is the income statement and balance sheet effect of LIFO, FIFO? Use NIKE as an example.