Exercise 5 18 (Algo) Comparing LIFO numbers to FIFO numbers ratio analysis LO 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 Year 2 Year 1 LIFO inventory $ 190 $ 140 LIFO cost of goods sold 770 710 FIFO inventory 260 165 FIFO cost of goods sold 725 710 Current assets (using LIFO) 250 220 Current assets (using FIFO) 320 245 Current liabilities 170 150 1 Compute its current ratio, inventory turnover, and days' sales in inventory for Year 2 using ( a ) LIFO numbers and ( b ) FIFO numbers Exercise 5 18 (Algo) Comparing LIFO numbers to FIFO numbers ratio analysis LO 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 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 numbare (b) Compute its current ratio, inventory turnover, and days' sales in inventory for Year 2 using FIFO numbers

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Exercise 5-18 (Algo) Comparing LIFO numbers to FIFO numbers; ratio analysis LO A3 Cruz Company uses LIFO for inventory costing and reports the following financial

Exercise 5-18 (Algo) Comparing LIFO numbers to FIFO numbers; ratio analysis LO 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.

	Year 2	Year 1
LIFO inventory	$ 190	$ 140
LIFO cost of goods sold	770	710
FIFO inventory	260	165
FIFO cost of goods sold	725	710
Current assets (using LIFO)	250	220
Current assets (using FIFO)	320	245
Current liabilities	170	150

1. Compute its current ratio, inventory turnover, and days' sales in inventory for Year 2 using (a) LIFO numbers and (b) FIFO numbers. image text in transcribed

Exercise 5-18 (Algo) Comparing LIFO numbers to FIFO numbers; ratio analysis LO 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. 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 numbare (b) Compute its current ratio, inventory turnover, and days' sales in inventory for Year 2 using FIFO numbers