Deere & Company is a global manufacturer and distributor of agricultural, construction, and forestry equipment. Suppose...
Deere & Company is a global manufacturer and distributor of agricultural, construction, and forestry equipment. Suppose it reported the following information in its 2017 annual report.
|
(in millions) |
2017 |
2016 |
||
|
Inventories (LIFO) |
$2,512 | 3,126 | ||
|
Current assets |
33,200 | |||
|
Current liabilities |
12,550 | |||
|
LIFO reserve |
1,449 | |||
|
Cost of goods sold |
15,063 |
Compute Deere & Company’s inventory turnover for 2017.
Inventory turnover: ________
Compute Deere & Company’s days in inventory for 2017.
Days in inventory: ________ days
Compute Deere & Company’s current ratio using the 2017 data as presented, and then again after adjusting for the LIFO reserve.
Based on data presented: Current ratio- _____:1
After adjusting for LIFO reserve: Current ratio- _____:1
Homework Answers
Deere & Company’s inventory turnover for 2017
Inventory turnover ratio = COGS/Average inventory
COGS = $15,063
Average inventory =(Beginning inventory + ending inventory)/2
= ($3,126 + $2,512)/2
= $2,819
Inventory turnover = $15,063/$2,819
= 5.34
Deere & Company’s days in inventory for 2017
= 365/ Inventory turnover ratio
= 365/5.34
= 68.35
Deere & Company’s current ratio using the 2017 data
= Current assets /current liability
= $33,200/$12,550
= 2.65
after adjusting for the LIFO reserve.
= (Current assets + LIFO reserve) /Current liability
= ($33,200 + $1,449)/$12,550
= 2.76
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Deere & Company is a global manufacturer and
distributor of agricultural, construction, and forestry equipment.
Suppose...
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