The disclosure note below is from the $202010-$K report of Casey's General Stores, Inc., an

operator of convenience stores $($$ thousands$).$

Inventories

Inventories, which consist of merchandise and fuel, are stated at the lower of cost or market. For

fuel, cost is determined through the use of the first$-$in$,$ first$-$out $($FIFO$)$ method. For merchandise

inventories, cost is determined through the use of the last$-$in$,$ first$-$out $($LIFO$)$ method. The excess of

replacement cost over the stated LIFO value was $$87,546$ and $$80,814$ at April $30,2020$ and $2019,$

respectively. There were no material LIFO liquidations during the period presented. Below is a

summary of the inventory values at April $30,2020$ and $2019.$

In $2020,$ Casey's General Stores reported sales revenue of $$9,175\mathrm{.}3$ million and cost of goods sold of

$$7,030\mathrm{.}6$ million.

a$.$ Calculate the amount of inventories purchased by Casey's General Stores in $2020.$ Round

intermediate calculations and answers to one decimal place.

$

million.The disclosure note below is from the $202010-$K report of Casey's General Stores, Inc., an

operator of convenience stores $($$ thousands$).$

Inventories

Inventories, which consist of merchandise and fuel, are stated at the lower of cost or market. For

fuel, cost is determined through the use of the first$-$in$,$ first$-$out $($FIFO$)$ method. For merchandise

inventories, cost is determined through the use of the last$-$in$,$ first$-$out $($LIFO$)$ method. The excess of

replacement cost over the stated LIFO value was $$87,546$ and $$80,814$ at April $30,2020$ and $2019,$

respectively. There were no material LIFO liquidations during the period presented. Below is a

summary of the inventory values at April $30,2020$ and $2019.$

In $2020,$ Casey's General Stores reported sales revenue of $$9,175\mathrm{.}3$ million and cost of goods sold of

$$7,030\mathrm{.}6$ million.

a$.$ Calculate the amount of inventories purchased by Casey's General Stores in $2020.$ Round

intermediate calculations and answers to one decimal place.

$$,vv$ million.

b$.$ What amount of gross profit would Casey's General Stores have reported if the FIFO method had

been used to value all inventories in $2020.$ Round intermediate calculations and answer to one

decimal place.

$

$\backslash$times million

c$.$ Calculate the gross profit margin $($GPM$)$ as reported and assuming that the FIFO method had

been used to value all inventories. Round answers to two decimal places $($i$.$e$.,0\mathrm{.}15785=15\mathrm{.}79\%)$

As reported

$\%$

Under FIFO

$\%$