Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Deere & Company is a global manufacturer and distributor of agricultural, construction, and forestry equipment. Suppose it reported the following information in its 2022 annual
Deere & Company is a global manufacturer and distributor of agricultural, construction, and forestry equipment. Suppose it reported the following information in its 2022 annual report. (in millions) 2022 2021 Inventories (LIFO) $2,397 3,042 30,857 Current assets Current liabilities 12,753 LIFO reserve 1,367 Cost of goods sold 16,255 Compute Deere's inventory turnover for 2022. (Round inventory turnover to 2 decimal places, e.g. 5.12.) Inventory turnover eTextbook and Media Compute Deere's days in inventory for 2022. (Round days in inventory to 0 decimal places, e.g. 5.) Days in inventory days eTextbook and Media Compute Deere's current ratio using the 2022 data as presented, and then again after adjusting for the LIFO reserve. (Round answers to 2 decimal places, e.g. 5.12:1.) Based on data presented: Current ratio :1 After adjusting for LIFO reserve: Current ratio :1
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started