Deere & Company is a global manufacturer and distributor of agricultural, construction, and forestry equipment. The companyreports inventory and cost of goods sold using the LIFO method. Suppose it reported the following information in its 2022 annualreport.(in millions)20222021Inventories$2,3973,042Current assets30,857Current liabilities12,753LIFO reserve1,367Cost of goods sold16,255X Your answer is incorrect.Compute Deere's inventory turnover for 2022. (Round inventory turnover to 2 decimal places, eg. 5.12.)Inventory turnover5.64eTextbook and MediaX Your answer is incorrect.Compute Deere's days in inventory for 2022. (Round days in inventory to O decimal places, eg. 5.)Days in inventory65dayseTextbook and MediaYour answer is partially correct.Compute Deere's current ratio using the 2022 data as presented, and then again after adjusting for the LIFO reserve. (Roundanswers to 2 decimal places, eg. 5.12:1)Based on data presented: Current ratio2.42:1After adjusting for LIFO reserve: Current ratio2.66:1

The question is based on the concept of accounting ratios.

Deere & Company is a global manufacturer and distributor of agricultural, construction, and forestry equipment. The company reports inventory and cost of goods sold using the LIFO method. Suppose it reported the following information in its 2022 annual report. (in millions) 2022 2021 Inventories $2.397 3,042 Current assets 30,857 Current liabilities 12.753 LIFO reserve 1.367 Cost of goods sold 16.255 X Your answer is incorrect

Deere & Company is a global manufacturer and distributor of agricultural, construction, and forestry equipment. The company reports inventory and cost of goods sold using the LIFO method. Suppose it reported the following information in its 2022 annual report. (in millions) 2022 2021 Inventories $2.397 3,042 Current assets 30,857 Current liabilities 12.753 LIFO reserve 1.367 Cost of goods sold 16.255 X Your answer is incorrect

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter9: Metric-analysis Of Financial Statements

Section: Chapter Questions

Problem 9.4.13P: Twenty metrics of liquidity, solvency, and profitability The comparative financial statements of...

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