Business, 05.03.2021 01:00 ladypink94

Walmart uses LIFO to account for its inventories. Recent financial statements were used to compile the following information (dollar figures are in millions). Average inventory (throughout the year) $ 45,000 Current assets (at year-end) 63,278 Current liabilities (at year-end) 65,272 Sales 482,229 Cost of goods sold 365,086 Gross profit 117,143 Required: Using the information provided, compute the following measures based upon the LIFO method. a-1. Compute the inventory turnover rate. (Round your answer to 2 decimal places.) a-2. Compute the current ratio. (Round your answer to 2 decimal places.) a-3. Compute the gross profit rate. (Round your percentage answer to 1 decimal place (i. e. .1234 should be entered as 12.3))

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Walmart uses LIFO to account for its inventories. Recent financial statements were used to compile t...

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