Question
The Kroger Company reported the following data in its annual report (in millions). January 28,2017 January 30, 2016 January 31, 2015 Net sales $115,337 $109,830
The Kroger Company reported the following data in its annual report (in millions).
January 28,2017 January 30, 2016 January 31, 2015
Net sales $115,337 $109,830 $108,465
Cost of sales (using LIFO) 89,502 85,496 85,512
Year-end inventories using FIFO 7,852 7,440 6,933
Year-end inventories using LIFO 6,561 6,168 5,688
(a)
Compute Kroger's inventory turnovers for fiscal years ending January 28, 2017, and January 30, 2016, using: (Round answers to 2 decimal places, e.g. 52.75.)
2017 2016
(1) Inventory turnover using cost of sales and LIFO inventory
(2) Inventory turnover using cost of sales and FIFO inventory
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