Use the Following Information for Boxter, Inc A)123 Times
B)9

question 119

Multiple Choice

Use the following information for Boxter, Inc., Clifford Company, Danforth Industries, and Evans Services to answer the question "Using LIFO, what is Boxter's inventory turnover for 2017 (to the closest decimal place) ?" $\begin{array}{|l|c|c|c|c|}\hline {\text { (amounts in \$ millions) }} & \text { Boxter } & \text { Clifford } & \text { Danforth } & \text { Evans } \\\hline \text { Inventory Method for 2016 \& 2017 } & \text { LIFO } & \text { FIFO } & \text { LIFO } & \text { FIFO } \\\hline 2016 \text { Ending inventory assuming LIFO } & \$ 324 & \text { N/A } & \$ 225 & \text { N/A } \\\hline 2016 \text { Ending inventory assuming FIFO } & \$ 427 & \$ 535 & \$ 310 & \$ 663 \\\hline 2017 \text { Ending inventory assuming LIFO } & \$ 436 & \text { N/A } & \$ 167 & \text { N/A } \\\hline 2017 \text { Ending inventory assuming FIFO } & \$ 578 & \$ 612 & \$ 209 & \$ 542 \\\hline \begin{array}{c}2016 \text { Current assets } \\\text { (reported on balance sheet) }\end{array} & \$ 1,677 & \$ 2,031 & \$ 1,308 & \$ 2,748 \\\hline 2016 \text { Current liabilities } & \$ 987 & \$ 1,209 & \$ 545 & \$ 1,200 \\\hline \begin{array}{l}2017 \text { Current assets } \\\text { (reported on balance sheet) }\end{array} & \$ 2,225 & \$ 2,605 & \$ 1,100 & \$ 2,390 \\\hline 2017 \text { Current liabilities } & \$ 1,306 & \$ 1,410 & \$ 465 & \$ 1,000 \\\hline 2017 \text { Cost of goods sold } & \$ 4,678 & \$ 1,410 & \$ 465 & \$ 1,000 \\\hline\end{array}$

• A)12.3 times
• B)9.3 times
• C)7.5 times
• D)6.4 times

---

Definitions:

Oxygen Deprivation

A condition resulting from an insufficient supply of oxygen to the body that can cause severe health effects.

Stroke

A medical condition where the blood supply to part of the brain is interrupted or reduced, causing brain cells to die due to lack of oxygen.

Myocardial Infarction

Heart attack.

Angina Pectoris

A condition characterized by chest pain or discomfort due to coronary heart disease, where blood flow to the heart muscle is restricted.