Multiple Choice Question 179

Use the following information for Blossom Inc., Splish Brothers Company, Riverbed Industries, and Evans Services to answer the question Using LIFO, what is Blossom's inventory turnover ratio for 2017 (to the closest decimal place)?

(amounts in $ millions)	Blossom	Splish Brothers	Riverbed	Evans
Inventory Method for 2016 & 2017	LIFO	FIFO	LIFO	FIFO
2016 Ending inventory assuming LIFO	$300	0	$247	0
2016 Ending inventory assuming FIFO	$451	$535	$310	$659
2017 Ending inventory assuming LIFO	$414	0	$165	0
2017 Ending inventory assuming FIFO	$554	$610	$189	$524
2016 Current assets (reported on balance sheet)	$1691	$2017	$1306	$2766
2016 Current liabilities	$1001	$1191	$553	$1184
2017 Current assets (reported on balance sheet)	$2235	$2615	$1104	$2380
2017 Current liabilities	$1294	$1422	$469	$1008
2017 Cost of goods sold	$4662	$5034	$3018	$6998

8 times

7 times

9.3 times

13.1 times