Check my wc 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 LIFO inventory $ 160 LIFO cost of goods sold 740 FIFO inventory 240 FIFO cost of goods sold 660 Current assets (using LIFO) 220 Current assets (using FIFO) 300 Current liabilities 200 Year 1 $ 110 680 110 645 180 180 170 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. Numerator / Denominator - Ratio Current ratio | $ 220.0 / $ 200.0 1.1 to 1 Inventory turnover 0 Days' sales in inventory 0 (b) Compute its current ratio, inventory turnover, and days' sales in inventory for Year 2 using FIFO numbers. Numerator Denominator = Ratio Current ratio $ 300.00 $ 200.0 = 1.5 to 1 Inventory turnover Days' sales in inventory 0