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 available here. This material is also available 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'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 sells its inventory more or less frequently compared to the industry average.