Suppose this information is available for the Automotive Sector of NoGo Motor Company for 2014. NoGo uses the LIFO inventory method.
(in millions)
Beginning inventory $ 10,017 Ending inventory 10,121 LIFO reserve 1,100 Current assets 54,243 Current liabilities 50,218 Cost of goods sold 130,460 Sales 154,379 Instructions

(a) Calculate the inventory turnover 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).AppendixLO1