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 $14,598
Ending inventory 15,950
LIFO reserve 1,345
Current assets 61,278
Current liabilities 70,106
Cost of goods sold 159,033
Sales revenue 182,688
Calculate the inventory turnover and days in inventory.