(Answered) The following information is available for the automotive

Accounting

The following information is available for the automotive division of Ford Motor Company for 2009. The company uses the LIFO inventory method.

(in millions)	2009
Beginning inventory	$6,988
Ending inventory	5,450
LIFO reserve	798
Current assets	40,560
Current liabilities	37,037
Cost of goods sold	100,016
Sales revenue	105,893

Instructions

(a) Calculate the inventory turnover ratio and days in inventory.

(b) Calculate the current ratio based on LIFO inventory.

(d) Comment on any difference between parts (b) and (c).

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