Assignment:
Find a recent annual report for a company on the Internet that is a merchandising or manufacturing company that reports Inventory on the balance sheet. Include the name of the company, a brief summary of the services and/or products this company provides, the date of the annual report you accessed and the website address for the annual report. Also, indicate if the company is a manufacturing or merchandising company.
Q1. How are inventory and the cost of merchandise sold presented on the financial statements?
Q2. What is the amount of inventory reported on the balance sheet?
Q3. What is the percentage of inventory to current assets reported on the balance sheet?
Q4. Provide a brief explanation of the accounts that appear on the income statement.
Q5. Per the notes to the financial statements, identify the cost flow method(s) used to value inventory.