Real World Financial Statements

The consolidated balance sheets and statements of income for Whole Foods Market, Inc. for the fiscal years ended 2010 and 2009 are included in the following two pages. In addition, the notes to the companys financial statements included the following item:

Inventories

We value our inventories at the lower of cost or market. Cost was determined using the last-in, first-out (LIFO) method for its inventories in fiscal years 2010 and 2009. Under the LIFO method, the cost assigned to items sold is based on the cost of the most recent items purchased. As a result, the costs of the first items purchased remain in inventory and are used to value ending inventory. The excess of estimated current costs over LIFO carrying value, or LIFO reserve, was approximately $19.4 million and $27.1 million at September 26, 2010 and September 27, 2009, respectively.

a) What would ending inventories have been under the first-in, first-out cost flow assumption at the end of 2010 and 2009? [Pay attention to whether the numbers are in millions or thousands]

b) What would cost of goods sold have been in 2010 under the first-in, first-out cost flow assumption?

c) What can you infer about price level changes in 2010? Explain your reasoning

d) Did the company declare any dividend in 2010 (including preferred dividend)?

e)how much total dividend did the company distribute to the owner (investors)? Provide your reasoning.

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