Question - The Krin reported the following data in its annual report (in millions).
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January 31, 2015
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February 1, 2014
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February 2, 2013
|
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Net sales
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$108,465
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$98,375
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$96,619
|
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Cost of sales (using LIFO)
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85,512
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78,138
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76,726
|
|
Year-end inventories using FIFO
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6,933
|
6,801
|
6,244
|
|
Year-end inventories using LIFO
|
5,688
|
5,651
|
5,146
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Required - Compute Krin's inventory turnovers for fiscal years ending January 31, 2015, and February 1, 2014, using:
(1) Inventory turnover using cost of sales and LIFO inventory
(2) Inventory turnover using cost of sales and FIFO inventory.