Question
he January 28, 2017 (fiscal year 2016) financial statements of Caleres, Inc. reported the following information (in thousands). 2016 2015 Cost of sales $1,517,397 $1,529,527
he January 28, 2017 (fiscal year 2016) financial statements of Caleres, Inc. reported the following information (in thousands).
|
| 2016 | 2015 |
| Cost of sales | $1,517,397 | $1,529,527 |
| Inventories, net | 585,764 | 546,745 |
| LIFO reserve | 4,345 | 4,094 |
If Caleres had used the FIFO method of inventory costing, 2016 inventory would have been:
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Internal Auditing Theory A Systems View
Authors: Hugh Marsh, G A Swanson
1st Edition
089930608X, 978-0899306087
