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 1 $ 200 770 225 pped LIFO inventory LIFO cost of goods sold FIFO inventory FIFO cost of goods sold Current assets (using LIFO) Current assets (using FIFO) Current liabilities Year 2 $250 830 320 785 310 380 165 280 305 145 look Hint rint 1. Compute its current ratio, inventory turnover, and days' sales in inventory for year 2 using (a) LIFO numbers and (6) FIFO numbers. (Round your answers to 1 decimal place.) rences (a) Compute its current ratio, inventory turnover, and days' sales in inventory for year 2 using LIFO numbers. Numerator 1 Denominator Ratio Current ratio 0 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 0 Inventory turnover 0 Days' sales in inventory 0 3 ! Required information [The following information applies to the questions displayed below.) art 2 of 2 Hemming Co. reported the following current-year purchases and sales for its only product. Units Sold at Retail ints Units Acquired at Cost 280 units @ $13.20 = $ 3,696 240 units @ $43.20 460 units @ $18.20 = 8, 372 eBook Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar.15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Totals 410 units @ $43.20 480 units @ $23.20 = 11,136 Hint 450 units $43.20 180 units @ $28.20 = 1,400 units 5,076 $28,280 Print 1,100 units References Required: Hemming uses a perpetual inventory system. Assume that ending inventory is made up of 40 units from the March 14 purchase, 80 units from the July 30 purchase, and all 180 units from the October 26 purchase. Using the specific identification method, calculate the following. a) Cost of Goods Sold using Specific Identification Available for Sale Date Activity Units Unit Cost Cost of Goods Sold Ending Inventory Units Ending Ending Unit Cost COGS Inventory Sold Inventory Unit Cost Units Cost 280 $ 13.20 $ 3,696 $ 13.20 $ $ 0.00 0 $ 0.00 Jan. 1 Mar. 14 Beginning Inventory Purchase 280 $ 13.20 460 0 aw 1 cation Check _. __ 3 Totals 1,400 units $ 28, 280 1,100 units 2 of 2 Required: Hemming uses a perpetual inventory system. Assume that ending inventory is made up of 40 units from the March 14 purchase, 80 units from the July 30 purchase, and all 180 units from the October 26 purchase. Using the specific identification method, calculate the following s a) Cost of Goods Sold using Specific Identification Available for Sale -Book Hint Date Activity Units Unit Cost Print 280 $ 13.20 0 erences Beginning Inventory Purchase Cost of Goods Sold Ending Inventory Units Ending Ending Unit Cost COGS Inventory Sold Inventory Unit Cost Units Cost 280 $ 13.20 $ 3,696 $ 13.20 $ $ 0.00 0 $ 0.00 $ 0.00 0 $ 0.00 $ 0.00 0 $ 0.00 280 $ 3,696 0 $ 460 Jan. 1 Mar. 14 July 30 Oct. 26 0 Purchase 480 0 Purchase 180 0 1,400 0 b) Gross Margin using Specific Identification Less: Equals: son