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Publix Super Markets incireports inventory and cost of goods sold using the last-in, first -out (LFo) costing method for a significant portion of U.5. inventory
Publix Super Markets incireports inventory and cost of goods sold using the last-in, first -out (LFo) costing method for a "significant portion" of U.5. inventory The table below presents financial information fromits 2020, 2019, and 2018 10-K reports. Required a. Compute the gross profit margin for each year, 2018 through 2020, and the inventory turnover ratio for 2019 and 2020 . Please answer all par a. Compute the gross profit margin for each year, 2018 through 2020, and the inventory turnover ratio for 2019 and 2020 . b. What amount for cost of goods sold and gros's profit would Publix report in 2019 and 2020 if Flfo were used to assign costs to inventory and cost of goods sold (Assume that FiFO cost is equal to the current value of Publor's inventory.) C. Recalculote Publixs inventory turnover ratio for 2019 and 2020 assuming that fiFo had been used to value inventory
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