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Problem
Suppose this information (in millions) is available for the Automotive and Other Operations Divisions of General Motors Corporation for a recent year. General Motors Corporation uses the LIFO inventory method.
Beginning inventory
$15,279
Ending inventory
14,409
LIFO reserve
1,505
Current assets
64,524
Current liabilities
68,379
Cost of goods sold
154,105
Sales revenue
163,412
a) Calculate the inventory turnover and days in inventory.
b) Calculate the current ratio based on inventory as reported using LIFO.
c) Calculate the current ratio after adjusting for the LIFO reserve.
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