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 2025 Inventory turnover 2024 $2,450 $3,300 28,888 12,560 5,652 16,790 Compute Deere's inventory turnover for 2025. (Round inventory turnover to 2 decimal places, e.g. 5.12.) Days in inventory Compute Deere's days in inventory for 2025. (Round days in inventory to 0 decimal places, e.g. 5.) times days
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 2025 Inventory turnover 2024 $2,450 $3,300 28,888 12,560 5,652 16,790 Compute Deere's inventory turnover for 2025. (Round inventory turnover to 2 decimal places, e.g. 5.12.) Days in inventory Compute Deere's days in inventory for 2025. (Round days in inventory to 0 decimal places, e.g. 5.) times days
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text: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
Inventory turnover
2025
$2,450 $3,300
28,888
12,560
5,652
16,790
Compute Deere's inventory turnover for 2025. (Round inventory turnover to 2 decimal places, e.g. 5.12.)
Days in inventory
2024
eTextbook and Media
Compute Deere's days in inventory for 2025. (Round days in inventory to 0 decimal places, e.g. 5.)
times
days
Compute Deere's current ratio using the 2025 data as presented, and then again after adjusting for the LIFO reserve. (Round
answers to 2 decimal places, eg. 5.12:1)
Current ratio based on data presented
Current ratio after adjusting for LIFO reserve
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