This information is available for the Automotive and Other Operations Divisions of General Motors Corporation for 2004. General Motors uses the LIFO inventory method.

(in millions) 2004 Beginning inventory $ 10,960 Ending inventory eli, LIFO reserve 1,442 Current assets joss Current liabilities 74,892 Cost of goods sold 150,053 Sales 161,545 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).