Walmart uses LIFO to account for its inventories. Recent financial statem pile the following information (dollar figures are in millions) were used to com LO8-1, LO8-7 PROBLEM 8.8A FIFO versuS LIFO Comparisons Average inventory ithroughout the year)$ 45,000 63,278 Current liabilities (at year-end).. Sales Cost of goods sold Gross profit.... 65,272 482,229 365,086 .117,143 Instructions a. Ulsing the information provided, compute the following measures based upon the LFO method 1. Inventory turnover 2Current ratio (see Chapter 5 for a discussion of this ratio). 3. Gross profit rate (see Chapter 6 for a discussion of this statistic). cost of goods sold would be lower under FIFO, what circumstances mL have encountered to cause this sit falling?) to cause this situation? (Were replacement costs, on average, rising c. How would you expect these ratios to differ (i.e., what direction) hau ti PR Alt instead of LIFO