inventory turnover mine the effect of the E6-11 Deere & Company is a global manufacturer and distributor of agricultural, con- struction, and forestry equipment. Suppose it reported the following information in its 2014 annual report. rve on current ratio. Exercises (in millions) 2014 2013 Inventories (LIFO) Current assets Current liabilities LIFO reserve $ 2,397 30,857 12,753 1,367 16,255 $3,042 Cost of goods sold Instructions c. Assume that the LIFO reserve last year (2013) was $1,219. What would Cost of Goods Sold be for 2014 under FIFO? d. Assume sales are $24.178. Compute the Gross Profit % using LIFO and FIFO

inventory turnover mine the effect of the E6-11 Deere & Company is a global manufacturer and distributor of agricultural, con- struction, and forestry equipment. Suppose it reported the following information in its 2014 annual report. rve on current ratio. Exercises (in millions) 2014 2013 Inventories (LIFO) Current assets Current liabilities LIFO reserve $ 2,397 30,857 12,753 1,367 16,255 $3,042 Cost of goods sold Instructions c. Assume that the LIFO reserve last year (2013) was $1,219. What would Cost of Goods Sold be for 2014 under FIFO? d. Assume sales are $24.178. Compute the Gross Profit % using LIFO and FIFO

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Description: inventory turnoverE6-11 Deere & Company is a global manufacturer and distributor of agricultural, con-struction, and forestry equipment. Suppose it reported the following information in its2014 annual report.mine the effect of therve on current rati

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Inventory turnover________ times Days in invitory __________ days
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