Question
Deere & Company is a global manufacturer and distributor of agricultural, construction, and forestry equipment. Suppose it reported the following information in its 2017 annual
Deere & Company is a global manufacturer and distributor of agricultural, construction, and forestry equipment. Suppose it reported the following information in its 2017 annual report.
(in millions) | 2017 | 2016 | ||
Inventories (LIFO) | $2,397 | 3,042 | ||
Current assets | 30,857 | |||
Current liabilities | 12,753 | |||
LIFO reserve | 1,367 | |||
Cost of goods sold | 16,255 |
New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is incorrect.
Compute Deere & Companys inventory turnover for 2017. (Round inventory turnover to 2 decimal places, e.g. 5.12.)
Inventory turnover |
eTextbook and Media
Correct answer iconYour answer is correct.
Compute Deere & Companys days in inventory for 2017. (Round days in inventory to 0 decimal places, e.g. 5.)
Days in inventory | days |
eTextbook and Media
New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is incorrect.
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 |
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