/7/07 Inventory = 4,609 million 1/28/06 Inventory = 4,486
Net sales in 07 were 66,111 and 60,553 million in 06. COGS in 07 were 50,115 million & 45,565 million in 06. Disclosure note says: Inventories are stated at the lower of cost (principally on the last-in, first out "LIFO" basis)or market. In total, approximately 98% of inventories were valued using the LIFO method. Cost for the balance of the inventories, including substantially all fuel inventories, was determined using the FIFO method. Replacement cost was higher than the carrying amount by $450 million at February 3, 2006 and $400 million at January 28, 2006.
Assuming that year-end replacement cost figures approximate FIFO inventory values, estimate what The beginning and ending balances for the fiscal year ended 2/7/07 would have been if Kroger had used FIFO for all its inventories?
