FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Exercise 6-13 a1-b 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. ET (in millions) Inventories Current assets Current liabilities LIFO reserve Cost of goods sold Inventory turnover LINK TO TEXT 2022 Days in inventory $2,450 LINK TO TEXT 29,601 12,650 Compute Deere's inventory turnover for 2022. (Round inventory turnover to 2 decimal places, e.g. 5.12.) 4,301 16,060 2021 3,050 Compute Deere's days in inventory for 2022. (Round days in inventory to 0 decimal places, e.g. 5.) days LINK TO VIDEO LINK TO VIDEO
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Transcribed Image Text:Exercise 6-13 a1-b 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. ET (in millions) Inventories Current assets Current liabilities LIFO reserve Cost of goods sold Inventory turnover LINK TO TEXT 2022 Days in inventory $2,450 LINK TO TEXT 29,601 12,650 Compute Deere's inventory turnover for 2022. (Round inventory turnover to 2 decimal places, e.g. 5.12.) 4,301 16,060 2021 3,050 Compute Deere's days in inventory for 2022. (Round days in inventory to 0 decimal places, e.g. 5.) days LINK TO VIDEO LINK TO VIDEO
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