il 3 $ % 98 BTU Call IM 01 G E H A M O 1 ACC 2205-11 Name 2 Cut Company LIFO for inventory costing and reports the following financial data. It who recomputed inventory and cost of goods sold using FIFO for comparison purposes Year 2 Year 1 LIFO Inventory $ 1605 110 1. Compute its current ratio, intentory turnover, and days'sales In Inventory for year 2 uung LIFO cost of goods sold 740 680 (a) UFO numbers and (b) FIFO numbers fround answers to one decimal 2 FIFO inventory 240 110 LIFO FIFO FIFO cont of goods sold 660 545 Current ratio Current ratio 9 Current als using PFO) 300 180 Inventory turnover Inventory turnover 10 Current anting UFO 220 180 Day' sales in inventory Days' sales in Inventory 11 Currentibes 200 170 2. Comment on and interpret the results of part 1 Start by thinking about the guideline for the current ratio. Examine the difference in FIFO VS. LIFO numbers. What does it mean why are the numbers different? 15 Answer below using a text box 16 12 13 14 20 21 23 24