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Question :
Calculate inventory turnover, days in inventory, and current ratio based on FIFO. This information is available for the Automotive and Electronics Divisions of Prestige Motors Ltd for 2018. Prestige Motors uses the FIFO inventory method.
(in millions)
2018
Beginning inventory
$ 36 306
Ending inventory
36 621
Current assets
133 089
Current liabilities
143418
Cost of sales
353919
Sales
421 299
(a) Calculate inventory turnover, days in inventory, and current ratio for Prestige Motors Ltd for 2018.
(b) If a company has a low inventory turnover or high days in inventory, is it considered to be a good or bad sign for the entity's shareholders? Explain your answer.
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