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
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 |
State which method (using sales or cost of goods sold) you would choose to evaluate Krogers performance. Justify your choice.
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Accounting for Governmental and Nonprofit Entities
Authors: Jacqueline L. Reck, James E. Rooks, Suzanne Lowensohn, Daniel Neely
18th edition
1260190080, 1260190083, 978-1259917059
