The financial statements of P&G are presented in Appendix B$.$ The Company's

complete annual report, including the notes to the financial statements, is available

at P&G Annual Reports. Refer to P&G$\text{'}$s financial statements and the accompanying

notes and answer the following questions:

How does $P$&$G$ value its inventories? Which inventory costing method does

P&G use as a basis for reporting its inventories?

How does $P$&$G$ report its inventories on the balance sheet? In the notes to the

financial statements, what three descriptions are used to classify its

inventories?

What costs does P&G include in Inventory and Cost of Products Sold?

What was P&G$\text{'}$s inventory turnover in $2017?$ What is its gross profit

percentage? Evaluate P&G$\text{'}$s inventory turnover and its gross profit percentage.