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The disclosure note below is from the 2 0 2 0 1 0 - K report of Casey's General Stores, Inc., an operator of convenience

The disclosure note below is from the 202010-K report of Casey's General Stores, Inc., an
operator of convenience stores ($ thousands).
Inventories
Inventories, which consist of merchandise and fuel, are stated at the lower of cost or market. For
fuel, cost is determined through the use of the first-in, first-out (FIFO) method. For merchandise
inventories, cost is determined through the use of the last-in, first-out (LIFO) method. The excess of
replacement cost over the stated LIFO value was $87,546 and $80,814 at April 30,2020 and 2019,
respectively. There were no material LIFO liquidations during the period presented. Below is a
summary of the inventory values at April 30,2020 and 2019.
In 2020, Casey's General Stores reported sales revenue of $9,175.3 million and cost of goods sold of
$7,030.6 million.
a. Calculate the amount of inventories purchased by Casey's General Stores in 2020. Round
intermediate calculations and answers to one decimal place.
$
million.The disclosure note below is from the 202010-K report of Casey's General Stores, Inc., an
operator of convenience stores ($ thousands).
Inventories
Inventories, which consist of merchandise and fuel, are stated at the lower of cost or market. For
fuel, cost is determined through the use of the first-in, first-out (FIFO) method. For merchandise
inventories, cost is determined through the use of the last-in, first-out (LIFO) method. The excess of
replacement cost over the stated LIFO value was $87,546 and $80,814 at April 30,2020 and 2019,
respectively. There were no material LIFO liquidations during the period presented. Below is a
summary of the inventory values at April 30,2020 and 2019.
In 2020, Casey's General Stores reported sales revenue of $9,175.3 million and cost of goods sold of
$7,030.6 million.
a. Calculate the amount of inventories purchased by Casey's General Stores in 2020. Round
intermediate calculations and answers to one decimal place.
$,vv million.
b. What amount of gross profit would Casey's General Stores have reported if the FIFO method had
been used to value all inventories in 2020. Round intermediate calculations and answer to one
decimal place.
$
\times million
c. Calculate the gross profit margin (GPM) as reported and assuming that the FIFO method had
been used to value all inventories. Round answers to two decimal places (i.e.,0.15785=15.79%)
As reported
%
Under FIFO
%
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