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. LIFO inventory LIFO cost of goods sold FIFO inventory Year 1 $ 110 Year 2 $ 160 740 680 240 110 FIFO cost of goods sold 660 645 Current assets (using LIFO) 220 180 Current assets (using FIFO) Current liabilities 300 200 180 170 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. Current ratio Numerator / Denominator Ratio Inventory turnover Days' sales in inventory (b) Compute its current ratio, inventory turnover, and days' sales in inventory for Year 2 using FIFO numbers. Current ratio Inventory turnover Days' sales in inventory Numerator / Denominator Ratio < Prev 14 of 17 Next >