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

Beginning inventory		$13,075
Ending inventory		15,901
LIFO reserve		1,324
Current assets		54,946
Current liabilities		66,200
Cost of goods sold		165,163
Sales revenue		182,125

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

The inventory turnover		enter a number of times	times
Days in inventory		enter a number of days	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

enter a current ratio based on inventory using LIFO

:1

List of Accounts

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

enter a current ratio after adjusting for the LIFO reserve

:1