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PSB5.5 Calculate inventory turnover, days in inventory, and current ratio based on FIFO. LOS This information is available for the Automotive and Electronics Divisions of

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PSB5.5 Calculate inventory turnover, days in inventory, and current ratio based on FIFO. LOS This information is available for the Automotive and Electronics Divisions of Prestige Motors Ltd for 2018. Prestige Motors uses the FIFO inventory method. (in millions) 2018 Beginning inventory $ 36 306 Ending inventory 36 621 Current assets 133089 Current liabilities 143418 Cost of sales 353919 Sales 421 290 Required (a) Calculate inventory turnover, days in inventory, and current ratio for Prestige Motors Ltd for 2018. (b) If a company has a low inventory turnover or high days in inventory, is it considered to be a good or bad sign for the entity's shareholders? Explain your

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