LIFO inventory LIFO cost of goods sold FIFO inventory FIFO cost of goods sold Current assets (using LIFO) Current assets (using FIFO) Current liabilities 1. Compute its current ratio, inventory turnover, and days' sales in inventory for Year 2 using (a) LIFO numbers and (b) FIFO numbers. Current ratio Inventory turnover Days' sales in inventory X Answer is not complete. (a) Compute its current ratio, inventory turnover, and days' sales in inventory for Year 2 using LIFO numbers. Current ratio Inventory turnover Days' sales in inventory Numerator $ $ $ $ 160 740 240 660 220 300 200 1 220.0 1 $ 740.0 1 $ 660.0 1 $ Numerator $ $ $ 110 680 110 645 180 180 170 Denominator 300.0 / 660.0 1 200.0 135.0 740.0 (b) Compute its current ratio, inventory turnover, and days' sales in inventory for Year 2 using FIFO numbers. $ $ $ Denominator = 200.0 175.0 660.0 = || = 11 1.1 5.5 0.9 Ratio to 1 times days 1.5 3.8 Ratio to 1 times

1. Compute its current ratio, inventory tumover, and days' sales in inventory for Year 2 using (a) LIFO numbers and (b) FIFO numbers. Answer is not complete. (a) Compute its current ratio, inventory tumover, and days' sales in inventory for Year 2 using LIFO (b) Compute its current ratio, inventory turnover, and days' sales in inventory for Year 2 using FIFO