Problem
Footnote Review. Answer the following question based on Footnote 1 (Summary of Significant Accounting Policies) in your company's 10-K. If specific questions do not apply to your company please include an explanation.
i. When does your company record revenue from the sale of merchandise or services?
ii. How does your company account for sales returns?
iii. What cost flow assumption (e.g., FIFO, LIFO, or average cost) does your company use to measure and report its merchandise inventories?
iv. What method of depreciation does your company use for its property and equipment?
Use LULULEMON as company.