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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 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 firstin firstout FIFO method. For merchandise
inventories, cost is determined through the use of the lastin firstout LIFO method. The excess of
replacement cost over the stated LIFO value was $ and $ at April and
respectively. There were no material LIFO liquidations during the period presented. Below is a
summary of the inventory values at April and
In Casey's General Stores reported sales revenue of $ million and cost of goods sold of
$ million.
a Calculate the amount of inventories purchased by Casey's General Stores in Round
intermediate calculations and answers to one decimal place.
$
million.The disclosure note below is from the 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 firstin firstout FIFO method. For merchandise
inventories, cost is determined through the use of the lastin firstout LIFO method. The excess of
replacement cost over the stated LIFO value was $ and $ at April and
respectively. There were no material LIFO liquidations during the period presented. Below is a
summary of the inventory values at April and
In Casey's General Stores reported sales revenue of $ million and cost of goods sold of
$ million.
a Calculate the amount of inventories purchased by Casey's General Stores in Round
intermediate calculations and answers to one decimal place.
$ 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 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 ie
As reported
Under FIFO
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