Use the Target Corporation's Form 10-K to answer the following questions related to Target's 2015 fiscal year
Question:
Use the Target Corporation's Form 10-K to answer the following questions related to Target's 2015 fiscal year (year ended January 30, 2016). Target's Form 10-K is available on the company's website or through the SEC's EDGAR database. Appendix A provides instructions for using the EDGAR database. Round answers to one decimal place.
Required
a. What percentage of Target's total assets was comprised of inventory?
b. What cost flow method did Target use to account for its inventory?
c. Target had arrangements with some of its vendors such that it does not purchase or pay for merchandise inventory until the merchandise is sold to outside customers. Was the cost of these goods ever included in the Inventory account?
Step by Step Answer:
Survey of Accounting
ISBN: 978-1259631122
5th edition
Authors: Thomas Edmonds, Christopher Edmonds, Philip Olds, Frances McNair, Bor Yi Tsay