Question
Use the following information for Vaughn Manufacturing, Cheyenne Corp., Flounder Industries, and Evans Services to answer the question Using LIFO, what is Vaughn's inventory turnover
Use the following information for Vaughn Manufacturing, Cheyenne Corp., Flounder Industries, and Evans Services to answer the question Using LIFO, what is Vaughn's inventory turnover for 2022 (to the closest decimal place)?
(amounts in $ millions) Vaughn Cheyenne Flounder Evans Inventory Method for 2021 & 2022 LIFO FIFO LIFO FIFO 2021 Ending inventory assuming LIFO $310 0 $221 0 2021 Ending inventory assuming FIFO $439 $531 $286 $665 2022 Ending inventory assuming LIFO $416 0 $181 0 2022 Ending inventory assuming FIFO $586 $622 $189 $564 2021 Current assets (reported on balance sheet) $1693 $2033 $1298 $2726 2021 Current liabilities $989 $1217 $561 $1224 2022 Current assets (reported on balance sheet) $2243 $2623 $1090 $2414 2022 Current liabilities $1288 $1422 $489 $994 2022 Cost of goods sold $4662 $5050 $2992 $6992
6.9 times 8.0 times 9.1 times 12.8 times
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