Gehl Company manufactures a full line of construction and agriculture equipment. The following information is available for

Question:

Gehl Company manufactures a full line of construction and agriculture equipment.

The following information is available for Gehl for 2004. The company uses the LIFO inventory method.

(in thousands) 2004 Beginning inventory $ 31,598 Ending inventory 38,925 LIFO reserve 27,810 Current assets 252,007 Current liabilities 89,159 Cost of goods sold 289,910 Sales 361,598 Comprehensive Problem 307 Instructions

(a) Calculate the inventory turnover ratio and days in inventory.

(b) Calculate the current ratio based on LIFO inventory.

(c) After adjusting for the LIFO reserve, calculate the current ratio.

(d) Comment on any difference between parts

(b) and (c).

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