1. Which inventory costing method does Target use? How does Target value its inventories?
2. By using the cost of goods sold formula, you can compute net purchases, which are not reported in the Target financial statements. How much were Targets inventory purchases during the year ended January 31, 2021?
3. Determine Targets inventory turnover and days sales in inventory for the year ended January 31, 2021. (Round each ratio to one decimal place.) How do Targets inventory turnover and days sales in inventory compare with Kohls Corporations for the year ended January 31, 2021? Explain. Use Target Annual 2020 Report page: https://corporate.target.com/_media/TargetCorp/annualreports/2020/pdfs/2020-Target-Annual-Report.pdf Kohls Annual 2020 Report page: https://sec.report/Document/0001564590-21-014145/