Target Corporation prepares its financial statements according to U.S. GAAP. Target's financial statements and disclosure notes for

Question:

Target prepares its according to U.S. GAAP. Target's and disclosure notes for the year ended January 30, 2016, are available in Connect. This material is also available under the Investor Relations link at the company's website (www.target.com). Target's share-based compensation includes several long-term incentive plans.
Required:
1. Refer to Target's for the year ended January 30, 2016. Note 12 provides information on Target's inventories. What method does Target use to report most of its inventories? If Target changed that method to another method, what are the steps Target would take to account for and report the change?
2. Suppose that Target uses FIFO costing method but decided to change to the LIFO method. What are the steps Target would take to account for and report the change?
Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...