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FIFO versus LIFO: Ratio Analysis . Presented below is financial data for two companies that are identical in every respect except that Company X uses

FIFO versus LIFO: Ratio Analysis. Presented below is financial data for two companies that are identical in every respect except that Company X uses the FIFO method to value its inventory and Company Z uses the LIFO method to value its inventory. Using this data, calculate the following ratios: return on sales, inventory turnover, inventory-on-hand period, and current ratio.

Company X Company Z
Sales $100,000 $100,000
Cost of goods sold 46,500 55,400
Net income 29,500 19,100
Inventory 19,000 8,600
Current assets 65,000 54,600
Current liabilities 21,000 21,000

Round all answers to nearest one decimal place.

Company X (FIFO) Company Z (LIFO)
Return on sales % %
Inventory turnover
Inventory-on-hand period (Do not round until your final answer.)
Current ratio

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