Required information Target Corporation prepares its financial statements according to U.S. GAAP. Target's financial statements and disciosure notes for the year ended February 1, 2020, are avalable here. This material is also avallable under the Investor Relations link at the company's website (wwwitaracticom). Required: 1. Does-Target use average cost, FIFO, or LIFO as its inventory cost flow assumption? 3. Calculate the gross profit fatio and the inventory turnover ratio for the fiscal year ended February 1, 2020 . Compare Target's ratios with the industry averages of 24.5% and 71 times. Determine whether Target's ratios indicate the company is more or less profitable and sells its inventory more or less frequently compared to the industry average. Complete this question by entering your answers in the tabs below. Does Target use average cost, FIFO, or LIFO as its inventory cost flow assumption