Checkers Company uses LIFO for inventory costing and reports the following financial data. It also recomputed inventory
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Checkers 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 2005 using
(a) LIFO numbers and
(b) FIFO numbers.
2. Comment on and interpret the results of part 1 jhj4
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