QUESTION 1-Real World Financial Statements (18 pts plus 5 bonus points) fiscal years ended 2010 and 200p are included in the following two pages the company's financial statements included the following tem. sheets and statements of income for Whole Foods Market, Inc. for the detemined using the last-in, first- We value our inventories at the lower of cost or market. out CLIFO) method for its inventories years Cost was arcmed to iems solu s ores in fiscal years 2010 and 2009. Under the LIFO method, the mitlion adver i n avenory and are used to value ending inventory. The 20r he os tow assumption at costs of the first items purchased remain in inventory and are used to on the cost of the most recent items purchased. As a result, the 527.1 milion at Sertcing value, or LIFO reserve, was approximately a) What would 10 and September 27, 2009, respectively. 20097 (6 pts) b) What would cost of goods sold have been in 2010 under the first-in, first-out cost flow assumption? (8 pts) QUESTION 1-Real World Financial Statements (18 pts plus 5 bonus points) fiscal years ended 2010 and 200p are included in the following two pages the company's financial statements included the following tem. sheets and statements of income for Whole Foods Market, Inc. for the detemined using the last-in, first- We value our inventories at the lower of cost or market. out CLIFO) method for its inventories years Cost was arcmed to iems solu s ores in fiscal years 2010 and 2009. Under the LIFO method, the mitlion adver i n avenory and are used to value ending inventory. The 20r he os tow assumption at costs of the first items purchased remain in inventory and are used to on the cost of the most recent items purchased. As a result, the 527.1 milion at Sertcing value, or LIFO reserve, was approximately a) What would 10 and September 27, 2009, respectively. 20097 (6 pts) b) What would cost of goods sold have been in 2010 under the first-in, first-out cost flow assumption? (8 pts)