Co Grades - Ro... Content Bb Signature In... Content M Question 1 -, B ACC110 Syll......

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Co Grades - Ro... Content Bb Signature In... Content M Question 1 -, B ACC110 Syll... Content X Test i Saved Help Save Cruz Company uses LIFO for inventory costing and reports the following financial data. It also recomputed inventory and cost of good sold using FIFO for comparison purposes. LIFO inventory Year 2 $ 340 Year 1 $ 290 LIFO cost of goods sold 920 860 FIFO inventory 410 315 FIFO cost of goods sold 875 860 Current assets (using LIFO) 400 370 Current assets (using FIFO) Current liabilities 470 170 395 150 1. Compute its current ratio, inventory turnover, and days' sales in inventory for Year 2 using (a) LIFO numbers and (b) FIFO numbers. (a) Compute its current ratio, inventory turnover, and days' sales in inventory for Year 2 using LIFO numbers. Current ratio Inventory turnover Numerator Denominator Ratio 0 0 0 Days' sales in inventory (b) Compute its current ratio, inventory turnover, and days' sales in inventory for Year 2 using FIFO numbers. Current ratio Inventory turnover Days' sales in inventory Numerator 1 Denominator Ratio 0 0 Co Grades - Ro... Content Bb Signature In... Content M Question 1 -, B ACC110 Syll... Content X Test i Saved Help Save Cruz Company uses LIFO for inventory costing and reports the following financial data. It also recomputed inventory and cost of good sold using FIFO for comparison purposes. LIFO inventory Year 2 $ 340 Year 1 $ 290 LIFO cost of goods sold 920 860 FIFO inventory 410 315 FIFO cost of goods sold 875 860 Current assets (using LIFO) 400 370 Current assets (using FIFO) Current liabilities 470 170 395 150 1. Compute its current ratio, inventory turnover, and days' sales in inventory for Year 2 using (a) LIFO numbers and (b) FIFO numbers. (a) Compute its current ratio, inventory turnover, and days' sales in inventory for Year 2 using LIFO numbers. Current ratio Inventory turnover Numerator Denominator Ratio 0 0 0 Days' sales in inventory (b) Compute its current ratio, inventory turnover, and days' sales in inventory for Year 2 using FIFO numbers. Current ratio Inventory turnover Days' sales in inventory Numerator 1 Denominator Ratio 0 0