The financial statements of Mark s an d Spence r pl c (M&S ) are available at the book’s 1 answer below »

The financial statements of Mark s an d Spence r pl c (M&S ) are available at the book’s companion

Instructions

Refer to M&S’s financial statements and the accompanying notes to answer the following questions.

(a) How does M&S value its inventories? Which inventory costing method does M&S use as a basis for reporting its inventories?

(b) How does M&S report its inventories in the statement of financial position? In the notes to its financial statements, what three descriptions are used to classify its inventories?

(c) What costs does M&S include in Inventory and Cost of Sales?

(d) What was M&S’s inventory turnover in 2012? What is its g r oss p r ofit pe r centage? Evaluate

M&S’s inventory turnover and its gross profit percentage.

"Is this question part of your assignment? We can help"

ORDER NOW

0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published. Required fields are marked *