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. The company reports inventory and cost of goods sold
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 2025 annual report. (in millions) 2025 2024 Inventories (LIFO) $2,400 $3,140 Current assets 29,869 Current liabilities 12,550 LIFO reserve 3,765 Cost of goods sold 16,343 Compute Deere's inventory turnover for 2025. (Round inventory turnover to 2 decimal places, e.g. 5.12.) Inventory turnover eTextbook and Media times Compute Deere's days in inventory for 2025. (Round days in inventory to O decimal places, e.g. 5.) Days in inventory eTextbook and Media days Compute Deere's current ratio using the 2025 data as presented, and then again after adjusting for the LIFO reserve. (Round answers to 2 decimal places, e.g. 5.12:1.) Current ratio based on data presented :1 Current ratio after adjusting for LIFO reserve :1 eTextbook and Media
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