Question

Cook Company uses LIFO for inventory costing and reports the following financial data. It also recomputed inventory and cost of goods sold using FIFO for comparison purposes.
1. Compute its current ratio, inventory turnover, and days’ sales in inventory for 2011 using
(a) LIFO numbers
(b) FIFO numbers. (Round answers to one decimal.)
2. Comment on and interpret the results of part 1.


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  • CreatedMarch 18, 2015
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