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Analyzing Inventory Disclosure Comparing LIFO and FIFO The current asset section of the 2014 and 2013 fiscal year end balance sheets of The Kroger Co are presented in the accompanying table January 11, February Smillions 2015 2014 Current Cash and temporary cashmere 1825 Depour 76 666 Receivables 45 345 Ritory 6292 UFO Prepaid and thereum 19 TOT 57.62 In addition, Kroger provides the following footnote describing its inventory accounting policy assume the following is their complete disclosure Inventories are stated at the lower of cost principally on a LIFO basis or market in total approximately of inventores in 2014 and 2013 were valued using the UFO method. Cost for the balance of the inventories, including substantially all for inventories, was determined using the FIFO method. Replacement cost was higher than the carrying amount by 11,083 million at January 31, 2015 and 5827 milionat February , 2014. We follow the link Chain Colle-Vue LIFO method for purposes of calculating our Loro curge or credit Support Required: a. At what doilar amount does Kroger report its inventory in suary 31, 2015 balance sheet? million b. What is the cumulative effect (through January 31, 2015) of the use of LIFO on Kroger's pretax earnings (Show an increase as a positive number and a decrease as a negative number.) million Assuming a 35 tax rate what is the cumulative through January 31, 2015) tax effect of the use of LIFO to determine inventory costs? (Show an increase as a positive number and a decrease as a negative number) (Round your answers to one decimal place.) $0 million Kroper reported net earnings of $402 million in the year 2014 income statement. Auming tax rate. what amount of net earnings would Kroger report if the company used the PFO inventory costing method (Round your answers to one decimal place) million 50 c. Kroger reported merchandise costs cost of goods sold) of 571.494 million in fiscal year 2014. Compute its inventory turnover for the year. (Round your answers to one decimal place) 0 Calculate the inventory turnover ratio the ho casting method had been used (Round your answers to one decimal place) 0 Analyzing inventory Disclosure Comparing LIFO and FIFO The current asset section of the 2014 and 2013 fiscal year and balance sheets of The Kroger Co, are presented in the accompanying table January 11, February 2015 2014 Current Cimory Cashments M Depos.cat Heceler 90 Rinoy 6.297 UFO Merve 1.0 Prepaid and other RE 10 Total SAS 20 In addition, Kroger provides the following footnate describing its inventory accounting policy assume the following is their complete disclosuresi Inventories are stated at the lower of cost principally on a LIFO basis) or market. In total, approumately 95of inventories in 2014 and 2013 were valued using the LIFO method: Cost for the balance of the inventories, including substantially all inventories, was determined using the FIFO method. Replacement cost was higher than the carrying amount by 11,083 million at January 31, 2015 and 527 milionat February 1, 2014 We follow the Link-Chan DollarValue LIFO method for purposes of calculating our LIFO charge or credit. Support Required At what dotter amount does Kroger report its inventory in its January 31, 2015, balance sheet SO million Analyzing Inventory Disclosure Comparing LIFO and FIFO The current asset section of the 2014 and 2013 fiscal year end balance sheets of The Kroger Co are presented in the accompanying table January 11, February Smillions 2015 2014 Current Cash and temporary cashmere 1825 Depour 76 666 Receivables 45 345 Ritory 6292 UFO Prepaid and thereum 19 TOT 57.62 In addition, Kroger provides the following footnote describing its inventory accounting policy assume the following is their complete disclosure Inventories are stated at the lower of cost principally on a LIFO basis or market in total approximately of inventores in 2014 and 2013 were valued using the UFO method. Cost for the balance of the inventories, including substantially all for inventories, was determined using the FIFO method. Replacement cost was higher than the carrying amount by 11,083 million at January 31, 2015 and 5827 milionat February , 2014. We follow the link Chain Colle-Vue LIFO method for purposes of calculating our Loro curge or credit Support Required: a. At what doilar amount does Kroger report its inventory in suary 31, 2015 balance sheet? million b. What is the cumulative effect (through January 31, 2015) of the use of LIFO on Kroger's pretax earnings (Show an increase as a positive number and a decrease as a negative number.) million Assuming a 35 tax rate what is the cumulative through January 31, 2015) tax effect of the use of LIFO to determine inventory costs? (Show an increase as a positive number and a decrease as a negative number) (Round your answers to one decimal place.) $0 million Kroper reported net earnings of $402 million in the year 2014 income statement. Auming tax rate. what amount of net earnings would Kroger report if the company used the PFO inventory costing method (Round your answers to one decimal place) million 50 c. Kroger reported merchandise costs cost of goods sold) of 571.494 million in fiscal year 2014. Compute its inventory turnover for the year. (Round your answers to one decimal place) 0 Calculate the inventory turnover ratio the ho casting method had been used (Round your answers to one decimal place) 0 Analyzing inventory Disclosure Comparing LIFO and FIFO The current asset section of the 2014 and 2013 fiscal year and balance sheets of The Kroger Co, are presented in the accompanying table January 11, February 2015 2014 Current Cimory Cashments M Depos.cat Heceler 90 Rinoy 6.297 UFO Merve 1.0 Prepaid and other RE 10 Total SAS 20 In addition, Kroger provides the following footnate describing its inventory accounting policy assume the following is their complete disclosuresi Inventories are stated at the lower of cost principally on a LIFO basis) or market. In total, approumately 95of inventories in 2014 and 2013 were valued using the LIFO method: Cost for the balance of the inventories, including substantially all inventories, was determined using the FIFO method. Replacement cost was higher than the carrying amount by 11,083 million at January 31, 2015 and 527 milionat February 1, 2014 We follow the Link-Chan DollarValue LIFO method for purposes of calculating our LIFO charge or credit. Support Required At what dotter amount does Kroger report its inventory in its January 31, 2015, balance sheet SO million