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This information (in millions) is available for the Automotive and Other Operations Divisions of General Motors Corporation for a recent year. General Motors uses the LIFO inventory method.
Beginning inventory
$13,921
Ending inventory
14,939
LIFO reserve
1,423
Current assets
60,135
Current liabilities
70,308
Cost of goods sold
166,259
Sales revenue
178,199
Instructions
(a) Calculate the inventory turnover ratio and days in inventory.
(b) Calculate the current ratio based on inventory as reported using LIFO.
(c) Calculate the current ratio after adjusting for the LIFO reserve.
(d) Comment on any difference between parts (b) and (c).
Given this data what is the best estimate of the total cost to manufacture 8,900 units is closest to what amount?
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