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Interpreting Home Depot’s Financial StatementsThe

Interpreting Home Depot’s Financial StatementsThe 2006 annual report for Home Depot includes the following information in the note that summarizesits accounting policies:Merchandise Inventories. The majority of the Company’s Merchandise Inventories arestated at the lower of cost (first-in, first-out) or market, as determined by the retail inventorymethod.A friend knows that you are studying accounting and asks you what this note means.Required1. Home Depot uses the first-in, first-out method. Does this mean that it always sells its oldestmerchandise first? Explain your answer.2. Does Home Depot report inventories on its balance sheet at their retail value? Explain youranswer.

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