Current Attempt in Progress 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 2025 annual report. (in millions) Inventories (LIFO) Current assets Current liabilities LIFO reserve Cost of goods sold (a1) 2025 $2,400 28,000 12.500 6,750 Inventory turnover 16,445 Compute Deere's inventory turnover for 2025. (Round inventory turnover to 2 decimal places, e.g. 5.12.) 2024 $3,100 eTextbook and Media times

Current Attempt in Progress 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 2025 annual report. (in millions) Inventories (LIFO) Current assets Current liabilities LIFO reserve Cost of goods sold (a1) 2025 $2,400 28,000 12.500 6,750 Inventory turnover 16,445 Compute Deere's inventory turnover for 2025. (Round inventory turnover to 2 decimal places, e.g. 5.12.) 2024 $3,100 eTextbook and Media times

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter9: Working Capital

Section: Chapter Questions

Problem 30E

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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. Compute Deere's inventory turnover for 2022. (Round inventory turnover to 2 decimal places, eg. 5.12.) Inventory turnover 5.64 eTextbook and Media X Your answer is incorrect. Compute Deere's days in inventory for 2022. (Round days in inventory to O decimal places, eg. 5.) Days in inventory 65 days eTextbook and Media Your answer is partially correct. Compute Deere's current ratio using the 2022 data as presented, and then again after adjusting for the LIFO reserve. (Round answers to 2 decimal places, eg. 5.12:1) Based on data presented: Current ratio 2.42 :1…
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