1. Which inventory costing method does Target use? How does Target value its inventories? See Note 9.
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 30, 2021?
3. Determine Targets inventory turnover and days sales in inventory for the year ended January 30, 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 30, 2021? Explain.
4. Which inventory costing method does Target use? How does Target value its inventories? See Note 9.
5. 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 30, 2021?
6. Determine Targets inventory turnover and days sales in inventory for the year ended January 30, 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 30, 2021? Explain. (The data required is from 2020 Annual Report Target Corporation Form 10-K and the 2020 Kohl's Corporation 10-K)