The asset side of the 2015 balance sheet for Leggett & Platt is below. The company reported cost of sales of $2,998.8 million in 2015 and $2,959.4 million in 2014. Use this information to answer the requirements.

LEGGETT & PLATT, INCORPORATED Consolidated Balance Sheets
December 31	2013	5	2014
(in millions)
Cash and cash equivalents	$ 272.7		$ 359.1
Trade and other receivables, net of allowance of $15.2 and $19.2	467.4		446.2
Inventories:
Finished goods	270.5		275.7
Work in process	59.3		55.0
Raw materials and supplies	239.4		229.4
LIFO reserve	(73.3	)	(71.1	)
Total inventories, net	495.9		489.0
Other current assets	45.7		44.8
Total current assets	1,281.7		1,339.1
Machinery and equipment	1,184.5		1,161.7
Buildings and other	612.2		603.2
Land	44.5		45.3
Total property, plant and equipment	1,841.2		1,810.2
Less accumulated depreciation	1,266.6		1,237.4
Net property, plant and equipment	574.6		572.8
Goodwill	926.8		991.5
Other intangibles, less accumulated amortization	203.4		206.3
Sundry	121.6		145.2
TOTAL ASSETS	$3,108.1		$3,254.9

Required:

a.	Calculate common-sized inventories for both years and comment on any differences that you note. Given that the company is in the furniture manufacturing industry, does this ratio seem appropriate?
b.	Compute inventory turnover for both years and interpret any change. At December 31, 2013, Total inventories, net were $441 million.
c.	Leggett & Platt uses LIFO for at least some of its inventory method. What would the company have reported as inventory in 2015 and 2014 if the company had used the FIFO method? At December 31, 2013, the LIFO reserve was $(85.7) million.
d.	Recalculate cost of goods sold (COGS) under the FIFO method.
e.	Recompute the inventory turnover ratios for 2015 and 2014 under the FIFO method. What difference do you notice between the FIFO-based ratios and the LIFO-based ratios?