Defend the three (3) descriptions that Wal-Mart used to classify inventories, and suggest two (2) other descriptions that Wal-Mart could include within their notes that would be useful to financial statement users

Use the internet to locate Wal-Mart Corporation’s annual report, and review the financial statements.  Be prepared to discuss

Inventory Valuation

From the e-Activity, examine the costs that Wal-Mart includes in inventory and cost of sales.  Defend the three (3) descriptions that Wal-Mart used to classify inventories, and suggest two (2) other descriptions that Wal-Mart could include within their notes that would be useful to financial statement users.  Justify your response.

Discuss the overall significance of inventory turnover to a retail store.  Compare Wal-Mart’s 2012 and 2013 inventory turnover rate, and give your opinion on the way in which Wal-Mart could improve its inventory turnover ratio.  Provide a rationale for your response. 

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