Exercise 5-11 Comparing LIFO numbers to FIFO numbers; ratio analysis LO A1, A3 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 FIFO cost of goods sold Current assets (using LIFO) Current liabilities 2017 $ 160 740 240 660 220 200 2016 $ 110 680 110 645 180 170 1. Compute its current ratio, inventory turnover, and days' sales in inventory for 2017 using (a) LIFO numbers and (b) FIFO numbers. (a) Compute its current ratio, inventory turnover, and days' sales in inventory for 2017 using LIFO numbers. Numerator 1 Denominator Ratio Current ratio 0 0 Inventory turnover Days' sales in inventory 0 (b) Compute its current ratio, inventory turnover, and days' sales in inventory for 2017 using FIFO numbers. Numerator 1 Denominator Ratio Current ratio 0 0 Inventory turnover Days' sales in inventory 0