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International Financial Reporting Problem Marks and Spencer pic (M86) "889-1 1 The financial statements of M825 are presented in Appendix E. The company’ 5 complete annual report, including
the notes to the financial statements, is available online. 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?
(c) What costs does M&S include in Inventory and Cost of Sales? (d) What was M&S’s inventory turnover in 2015? What is its gross profit percentage? Evaluate M&S’s inventory
turnover and its gross profit percentage.

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