E6.13 (LO 3, 4, 5) (Determine effect of cost formulas on liquidity.) The following comparative cost information is available for Kingswood Limited: Kingswood's current assets are $450,000, exclusive of inventory. Its current liabilities are $350,000. Instructions a. Calculate Kingswood's inventory turnover ratio assuming the company uses (1) FIFO and (2) average cost to determine the cost of the ending inventory