Exercise 5-11 Comparing LIFO numbers to FIFO numbers; ratio analysis LO A1, A3 Cruz 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. Year 1 $300 870 325 LIPO inventory LIFO cost of goods sold FIFO inventory FIFO cost of goods sold Current assets (using LIFO) Current assets (using PITO) Current liabilities Year 2 $350 930 420 BBS 410 480 165 380 405 145 1. Compute Its current ratio, inventory turnover, and days' sales in inventory for year 2 using () LIFO numbers and (b) FIFO numbers. (Round your answers to 1 decimal place.) Answer is not complete. (a) Compute its current ratio, inventory turnover, and days' sales in Inventory for year 2 using LIFO numbers Numerator Denominator Ratio Current ratio $ 410.0 $ 165.0 2.5 to 1 Inventory turnover $ 930.01 $ 325.0 2.9 times Days' sales in $ 365.0 S 2.9 125.9 days inventory (b) Compute its current ratio, inventory turnover, and days' sales in inventory for year 2 using FIFO numbers FIFO cost of goods sold Current assets (using LIFO) Current assets (using FIFO) Current liabilities 885 410 480 165 380 405 145 1. Compute its current ratio, inventory turnover, and days' sales in inventory for year 2 using (a) LIFO n (Round your answers to 1 decimal place.) Answer is not complete. (a) Compute its current ratio, inventory turnover, and days' sales in inventory for year 2 using LIFO numbers. Numerator Denominator Ratio $ 410.0 / S 165.0 2.5 to 1 Current ratio Inventory turnover Days' sales in inventory $ 930.0 S 325.0 2.9 times $ 365.0 $ 2.9 125.9 days (b) Compute its current ratio, inventory turnover, and days' sales in inventory for year 2 using FIFO numbers. Numerator Denominator Ratio Current ratio $ 480.0 $ 165.0 2.9 to 1 Inventory turnover $ 885.0 S 372.5 2.4 times Days' sales in S inventory 365.0 S 2.4 152.1 days