Below are selected numbers extracted from Harnischfeger's Year X2 financial statements (numbers are in thousands)....
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Accounting
Below are selected numbers extracted from Harnischfeger's Year X2 financial statements (numbers are in thousands). Harnischfeger's Footnote on inventories is as follows (numbers in thousands): Inventories at October 31 consisted of the following: Inventories valued using the LIFO method represented approximately 56% and 80% of consolidated inventories at October 31,X2 and X1, respectively. a. Calculate for Year X2: i) the gross margin percentage ii) the current ratio iii) inventory turnover b. Estimate the following numbers if Hamischfeger used FIFO for all inventories: i) the gross margin ii) the current ratio iii) inventory tumover
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