Use the following information for Vaughn Manufacturing, Cheyenne Corp., Flounder Industries, and Evans Services to answer the question “Using LIFO, what is Vaughn's inventory turnover for 2022 (to the closest decimal place)?”
(amounts in $ millions)
Vaughn
Cheyenne
Flounder
Evans
Inventory Method for 2021 & 2022
LIFO
FIFO
LIFO
FIFO
2021 Ending inventory assuming LIFO
$310 0 $221 0
2021 Ending inventory assuming FIFO
$439 $531 $286 $665
2022 Ending inventory assuming LIFO
$416 0 $181 0
2022 Ending inventory assuming FIFO
$586 $622 $189 $564
2021 Current assets (reported on balance sheet)
$1693 $2033 $1298 $2726
2021 Current liabilities
$989 $1217 $561 $1224
2022 Current assets (reported on balance sheet)
$2243 $2623 $1090 $2414
2022 Current liabilities
$1288 $1422 $489 $994
2022 Cost of goods sold
$4662 $5050 $2992 $6992
6.9 times
8.0 times
9.1 times
12.8 times
We need at least 10 more requests to produce the answer.
0 / 10 have requested this problem solution
The more requests, the faster the answer.
Use the following information for Vaughn Manufacturing, Cheyenne Corp., Flounder Industries, and Evans Services to answer...