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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
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. 2017 2016 LIFO inventory $ 250 $ 200 LIFO cost of goods sold 830 770 FIFO inventory 320 225 FIFO cost of goods sold 785 Current assets (using LIFO) 310 280 Current liabilities 165 145 1. Compute its current ratio, inventory turnover, and days' sales in inventory for 2017 using (a) LIFO numbers and (b) FIFO numbers. (Round your answers to 1 decimal place.)
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