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IFRS-11. The financial statements of M&S are presented above. The company's complete annual report, including...

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Accounting

IFRS-11. The financial statements of M&S are presented above. The company's 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 2022? What is its gross profit percentage? Evaluate M&S's inventory turnover and its gross profit percentage.

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