- / 10 Current Attempt in Progress The following information is available for The Coca-Cola Company (in U.S. $ millions): Cost of goods sold Inventories Current assets Current liabilities 2018 $11.770 2.766 30.634 29.223 2017 $13,255 2.655 36,545 27,194 2016 $16,465 2.675 34,010 26.532 In the notes to its financial statements, Coca-Cola disclosed that it uses the FIFO and average cost formulas to determine the cost of its inventory The industry averages for the inventory turnover, days in inventory, and current ratios are as follows: Inventory turnover Days in inventory Current ratio 2018 9.7 times 38 days 1.1:1 2017 7.7 times 47 days 1.3:1 - / 10 Current Attempt in Progress The following information is available for The Coca-Cola Company (in U.S. $ millions): Cost of goods sold Inventories Current assets Current liabilities 2018 $11.770 2.766 30.634 29.223 2017 $13,255 2.655 36,545 27,194 2016 $16,465 2.675 34,010 26.532 In the notes to its financial statements, Coca-Cola disclosed that it uses the FIFO and average cost formulas to determine the cost of its inventory The industry averages for the inventory turnover, days in inventory, and current ratios are as follows: Inventory turnover Days in inventory Current ratio 2018 9.7 times 38 days 1.1:1 2017 7.7 times 47 days 1.3:1