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the following information is available for the

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

(in thousands) 2010

Beginning $ 39,121

Ending Inventory 48,649

LIFO reserve 29,652

Current Assets 291,033

Current Liabilities 89,504

Cost of Goods Sold 381,813

Sales 486,217

Instructions

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

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