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explain the nature of these adjustments and what they tell us about jcpenney s inven 615139

Inventory and the statement of cash flows

The 2008 statement of cash flows for JCPenney reports (dollars in millions) net cash from operating activities of $1,155 (2008), $1,249 (2007), and $1,258 (2006). Included on the statement of cash flows (indirect method) in the computation of net cash from operating activities are adjustments for inventory of $382 (2008), —$241 (2007), and —$190 (2006).

REQUIRED:

Explain the nature of these adjustments and what they tell us about JCPenney”s inventory balances in 2008, 2007, and 2006. Discuss the cash flow implications of these inventory adjustments.

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