Question: 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

 Exercise 5-11 Comparing LIFO numbers to FIFO numbers; ratio analysis LO

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 2 Year 1 LIFO inventory $ 190 $ 140 LIFO cost of goods sold 770 710 FIFO inventory 260 165 FIFO cost of goods sold 725 Current assets (using LIFO) 250 220 Current assets (using FIFO) 320 245 Current liabilities 170 ER 150 1. Compute its current ratio, inventory turnover, and days" sales in inventory for year 2 using (a) LIFO numbers and (b) FIFO numbers. (Round your answers to 1 decimal place.)

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