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| Words: 1087 | Submitted: 07-May-2011
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DescriptionAccounting purposes through a major store chain
The Kroger company roots date back to 1883. The founder of Kroger, Barney Kroger invested everything he had on a grocery store at 66 Pearl Street in downtown Cincinnati. (The Kroger Co) The $372.00 he invested has turned into a multi-million dollar company. Barney Kroger had a motto: “Be particular. Never sell anything you wouldn’t want yourself” (The Kroger Co) and this motto has served the Kroger Co. now over 120 years.
Kroger currently has nearly 2500 stores in 31 states under over 2 dozen different store names. (The Kroger Co) The annual sales range over $70 billion and put the company in the top rankings with the nations retail giants. The Kroger Co. operates 40 food processing facilities that make thousands of products and nearly 14,400 private labels are made at one of these facilities.
Over the years Kroger Co has acquisitions key role companies such as Dillon Companies Inc. in Kansas helping expand the company to a coast to coast operator form food the drug and even convince stores. One of the 1999 the Kroger Co. made one of their biggest moves by merging with Fred Meyer, Inc. This $13 billion deal gave the Kroger Co the ability to purchase on a larger scale. (The Kroger Co) These mergers gave the Kroger Co. the ability to go further than just at a grocery / pharmacy level it allowed the company to break into the multi-department stores, price-impact warehouse stores, convenience and fine jewelry markets.
When looking at the financial report for the Kroger Company you can see it has a strong market position as a conventional supermarket operator with good store positioning. Kroger has a diverse healthy operating cash flow generation with good historical sales and a growing track record. Kroger operates in the intensely competitive supermarket industry where deflation and competition continue to pressure sales and the market. Let’s move on to the actually reporting and recordings found in the Securities and Exchange Commission reports.
Securities and Exchange Commission, January (2010) filing Form 10-k.
“Inventories are stated at the lower of cost (principally on a last-in, first-out “LIFO” basis) or market. In total, approximately 97% and 98% of inventories for 2009 and 2008, respectively, were valued using the LIFO method. Cost for the balance of the inventories, including substantially all fuel inventories, was determined using the first-in, first-out (“FIFO”) method. Replacement cost was higher than the carrying amount by $803 at January 30, 2010 and $754 at January 31, 2009. The Company follows the Link-Chain, Dollar-Value LIFO method for purposes of calculating its LIFO charge or credit.
The item-cost method of accounting to determine inventory cost before the LIFO adjustment is followed ...
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