Required information Target Corporation prepares its financial statements according to U.S. GAAP. Target's financial statements and disclosure notes for the year ended February 1,2020, are avallable here. This material is also avallable under the Investor Relations link at the company's website (www target,com). Required: 1. Does Target use average cost, FIFO, or LIFO as its inventory cost flow assumption? 3. Calculate the gross profit ratio and the inventory turnover ratio for the fiscal year ended February 1, 2020. Compare Target ratios with the industry averages of 24.5% and 7.1 times. Determine whether Target's ratios indicate the company is more or le profitable and sells its inventory more or less frequently compared to the industry average. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Calculate the gross profit ratio 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 7.1 times. Determine whether Target's ratios indicate the company is more or less profitable and seils its inventory more or less frequently compared to the industry average. Note: Do not round intermediate calculation. Round "Gross profit ratio" to 1 decimal place and "tnventory tumover ratio" to ? decimal places. Required information Target Corporation prepares its financial statements according to U.S. GAAP. Target's financial statements and disclosure notes for the year ended February 1,2020, are avallable here. This material is also avallable under the Investor Relations link at the company's website (www target,com). Required: 1. Does Target use average cost, FIFO, or LIFO as its inventory cost flow assumption? 3. Calculate the gross profit ratio and the inventory turnover ratio for the fiscal year ended February 1, 2020. Compare Target ratios with the industry averages of 24.5% and 7.1 times. Determine whether Target's ratios indicate the company is more or le profitable and sells its inventory more or less frequently compared to the industry average. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Calculate the gross profit ratio 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 7.1 times. Determine whether Target's ratios indicate the company is more or less profitable and seils its inventory more or less frequently compared to the industry average. Note: Do not round intermediate calculation. Round "Gross profit ratio" to 1 decimal place and "tnventory tumover ratio" to ? decimal places
