Deere & Company is a global manufacturer and distributor of agricultural, construction, and forestry equipment. The company reports inventory and cost of goods sold using the LIFO method. Suppose it reported the following information in its 2017 annual report.

(in millions)

Inventories $2,397 3,042

Current assets 30,857

Current liabilities 12,753

LIFO reserve 1,367

Cost of goods sold 16,255

Compute Deere & Companys inventory turnover for 2017. (Round inventory turnover to 2 decimal places, e.g. 5.12.)

Inventory turnover

Compute Deere & Companys days in inventory for 2017. (Round days in inventory to 0 decimal places, e.g. 5.)

Days in inventory days

Compute Deere & Companys current ratio using the 2017 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

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