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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 $14,598
Ending inventory 15,950
LIFO reserve 1,345
Current assets 61,278
Current liabilities 70,106
Cost of goods sold 159,033
Sales revenue 182,688
INVENTORY TURNOVER RATIO - Calculating average inventory: Average inventory = (Beginning inventory + Ending inventory) / 2 = ($14598 + $15950) / 2 = $30548 / 2 = $15274 Calculating inventory turnover ratio: Inventory turnover = Cost of goods sold / Average inventory = $159033 / $15274 = 10.41 times DAYS IN INVENTORY- Days in inventory = 365 days / Inventory tuneover ratio = 365 days / 10.41 = 35.06 days
Inventory turnover ratio 10.41 times Days in inventory 35.06 days
Calculate the current ratio based on inventory as reported using LIFO.
Describe how the analysis is to be performed and show all computations needed to arrive at the correct answer.
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