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

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Definitions:

Secondary Halide

A halogenated organic compound where the halogen atom is attached to a secondary carbon, which is bonded to two other carbon atoms.

IUPAC Name

The systematic naming of chemical compounds as recommended by the International Union of Pure and Applied Chemistry (IUPAC).

Methylhexane

A branched alkane with six carbon atoms and a methyl group, known for its various structural isomers.

Chloro

A prefix indicating the presence of a chlorine atom in an organic compound, usually attached to a carbon atom.