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class assignment 6

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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

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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

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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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