Chess 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 and
(b) FIFO numbers.
2. Comment on and interpret the results of part1.

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2011 2010 LIFO inventory LIFO cost of goods sold $150 $100 730 670 FIFO cost of goods sold . .685 Current assets (using LIFO)210 180 Current liabilities 190 170