1. 1. What percentage of Targets total assets was comprised of inventory?
   2. What cost flow method did Target use for its inventory?
   3. Target had arrangements with some of its vendors such that is does not purchase pay for merchandise inventory until the merchandise is sold to outside customers. Was the cost of these goods ever included in the Inventory account?

For the Fiscal Year 2017 2016 As Adjusted As Adjusted 71,786 $ 69,414 $ 72,714 70,271 2014 2018 74,433 $ 75,356 $ 2015 As Adjusted 73,717 $ 74,494 72,618 72,618 2.930 7 2.908 6 2,914 2.666 68 2,734 3,321 42 3,363 2,449 (4,085) (1,636) 2,937 (millions, except per share data) Sales Total revenue Net Earnings /(Loss) Continuing operations Discontinued operations Net earnings / loss) Basic Earnings /(Loss) Per Share Continuing operations Discontinued operations Basic earnings (loss) per share Diluted Earnings /(Loss) Per Share Continuing operations Discontinued operations Diluted earnings / (loss) per share Cash dividends declared per share 5.54 0.01 5.55 5.32 0.01 5.32 4.61 0.12 4.73 5.29 0.07 5.35 3.86 (6.44) (2.58) 5.50 0.01 5.51 2.54 5.29 0.01 5.29 2.46 4.58 0.12 4.69 2.36 5.25 0.07 5.31 2.20 3.83 (6.38) (2.56) 1.99 January 30, January 31, February 3, 2018 As Adjusted 40,303 11,398 As of January 28, 2017 As Adjusted 38,724 12,591 February 2 2019 41,290 11,275 2016 2015 Total assets Long-term debt, including current portion 40,262 12,760 41,172 12,725 Consolidated Statements of Operations 2017 As Adjusted 71,786 $ 928 72,714 51,125 15,140 2,225 4,224 653 (59) 3,630 722 2,908 (millions, except per share data) Sales Other revenue Total revenue Cost of sales Selling, general and administrative expenses Depreciation and amortization (exclusive of depreciation included in cost of sales) Operating income Net interest expense Net other (income) / expense Earnings from continuing operations before income taxes Provision for income taxes Net earnings from continuing operations Discontinued operations, net of tax Net earnings Basic earnings per share Continuing operations Discontinued operations Net earnings per share Diluted earnings per share Continuing operations Discontinued operations Net earnings per share Weighted average common shares outstanding Basic Diluted Antidilutive shares 2018 74,433 $ 923 75,356 53,299 15,723 2.224 4,110 461 (27) 3,676 746 2,930 7 2,937 $ 2016 As Adjusted 69,414 857 70,271 49,145 14,217 2,045 4,864 991 (88) 3,961 1,295 2,666 68 2,734 $ 2,914 $ CA 5.54 $ 0.01 5.55 $ 5.32 $ 0.01 5.32 $ 4.61 0.12 4.73 $ 5.50 $ 0.01 5.51 $ 5.29 $ 0.01 5.29 $ 4.58 0.12 4.69 $ 528.6 533.2 546.8 550.3 4.1 577.6 582.5 0.1 Consolidated Statements of Financial Position February 2 2019 February 3, 2018 As Adjusted $ 1,556 $ 9,497 1.466 12,519 2.643 8,597 1,300 12,540 6,064 29,240 5,912 2,544 460 (18,687) 25,533 1,965 1,273 41,290 $ 6,095 28, 131 5,623 2.645 440 (18,398) 24,536 1,884 1,343 40,303 $ (millions, except footnotes) Assets Cash and cash equivalents Inventory Other current assets Total current assets Property and equipment Land Buildings and improvements Fixtures and equipment Computer hardware and software Construction-in-progress Accumulated depreciation Property and equipment, net Operating lease assets Other noncurrent assets Total assets Liabilities and shareholders' investment Accounts payable Accrued and other current liabilities Current portion of long-term debt and other borrowings Total current liabilities Long-term debt and other borrowings Noncurrent operating lease liabilities Deferred income taxes Other noncurrent liabilities Total noncurrent liabilities Shareholders' investment Common stock Additional paid-in capital Retained earnings Accumulated other comprehensive loss Total shareholders' investment Total liabilities and shareholders' investment $ 9,761 $ 4.201 1,052 15.014 10.223 2,004 972 1,780 14,979 8.677 4,094 281 13,052 11,117 1,924 693 1,866 15,600 43 6,042 6,017 (805) 11,297 41,290 $ 45 5,858 6,495 (747) 11,651 40,303 $