Inferring Transactions from Financial Statements

Abercrombie & Fitch Co. (ANF) is a specialty retailer of casual apparel. The following information is taken from ANF's fiscal 10 -K report for the fiscal year 2013, which ended February 1, 2014. (All amounts in $ thousands.)

Selected Balance Sheet Data February 1, 2014 February 2, 2013

Inventory $607,792 $504,562

Accrued compensation 95,578 120,447

a. ANF reported Cost of Goods Sold of $4,341,782 (thousand) for its fiscal year 2013. What was the cost that ANF incurred to acquire inventory for its fiscal year 2013 ?

$ (thousand)

b. Assume that ANF reported Compensation Expense of $727,600 (thousand) for its fiscal year 2013. What amount of compensation was paid to its employees for fiscal year 2013 ?

$ (thousand)

c. Where would you expect ANF to report its balance of Accrued Compensation? Reported as a Curent liability or current asset on the balance sheet.