Suppose this information (in millions) is available for the Automotive and Other Operations Divisions of General Motors Corporation for a recent year. General Motors Corporation uses the LIFO inventory method.

Beginning inventory		$14,806
Ending inventory		15,074
LIFO reserve		1,366
Current assets		57,758
Current liabilities		74,890
Cost of goods sold		182,555
Sales revenue		194,811

Calculate the inventory turnover and days in inventory. (Round answers to 1 decimal place, e.g. 5.1.)

The inventory turnover _____ times

Days in inventory ______ days

Calculate the current ratio based on inventory as reported using LIFO. (Round answer to 2 decimal places, e.g. 5.12.)

The current ratio based on inventory using LIFO ___:1

Calculate the current ratio after adjusting for the LIFO reserve. (Round answer to 2 decimal places, e.g. 5.12.)

The current ratio after adjusting for the LIFO reserve ____ :1