Suppose this information (in millions) is available for the Automotive and Other Operations Divisions of General Motors Corporation for a recent year. General Motors Corporation uses the LIFO inventory method.
Beginning inventory
$15,279
Ending inventory
14,409
LIFO reserve
1,505
Current assets
64,524
Current liabilities
68,379
Cost of goods sold
154,105
Sales revenue
163,412
Calculate the inventory turnover and days in inventory. (Round answers to 1 decimal place, e.g. 5.1.)
The inventory turnover
times
Days in inventory
days
SHOW LIST OF ACCOUNTS
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Calculate the current ratio based on inventory as reported using LIFO. (Round answer to 2 decimal places, e.g. 5.12.)
The current ratio based on inventory using LIFO
:1
SHOW LIST OF ACCOUNTS
LINK TO TEXT
Calculate the current ratio after adjusting for the LIFO reserve. (Round answer to 2 decimal places, e.g. 5.12.)
The current ratio after adjusting for the LIFO reserve
:1
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