willy 4. The January 28, 2017 (fiscal year 2016) financial statements of Caleres, Inc. reported me information (in thousands). Cost of sales Inventories, net LIFO reserve 2016 $1,517,397 585,764 4,345 2015 $1,529,527 546,745 4,094 If Caleres had used the FIFO method of inventory costing, 2016 COGS would have been: A) $1,517,648 thousand B) $1,551,301 thousand C) $1,553,198 thousand D) $1,517,146 thousand E) None of the above 5. The 2016 financial statement of Willamette Valley Vineyards reported Net revenues of $19.425,412 and Cost of goods sold of $7,204,884. Note 3 to the financial statements reported that Inventories consisted of: Winemaking and packaging materials Work-in-process Finished goods Total inventories 2016 $ 817,836 6,634,014 4,518,806 $11,970,656 2015 $ 690,292 6,058,701 3,883,469 $10,632.462 The inventory turnover for 2016 was: A) 0.57 B) 0.64 C) 0.59 D) 1.71 E) None of the above