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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 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

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter22: Accounting For Changes And Errors.
Section: Chapter Questions
Problem 4RE: Refer to RE22-2. Assume Heller Company had sales revenue of 510,000 in 2019 and 650,000 in 2020....
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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 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
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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