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. (in millions) Inventories Current assets Current liabilities LIFO reserve Cost of goods sold Inventory turnover 2022 LINK TO TEXT $2,450 29,601 12,650 4,301 16,060 2021 Compute Deere's inventory turnover for 2022. (Round inventory turnover to 2 decimal places, e.g. 5.12.) 3,050 LINK TO VIDEO
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. (in millions) Inventories Current assets Current liabilities LIFO reserve Cost of goods sold Inventory turnover 2022 LINK TO TEXT $2,450 29,601 12,650 4,301 16,060 2021 Compute Deere's inventory turnover for 2022. (Round inventory turnover to 2 decimal places, e.g. 5.12.) 3,050 LINK TO VIDEO
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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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