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need help correcting Cruz Company uses LIFO for inventory costing and reports the following financial data. It also recomputed inventory and cost of goods sold

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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. 2017 2016 LIFO inventory $160 $110 LIFO cost of goods sold 740 680 FIFO inventory 240 110 FIFO cost of goods sold 660 645 Current assets (using LIFO) 220 180 Current liabilities 200 170 1. Compute its current ratio, inventory turnover, and days' sales in inventory for 2017 using (a) LIFO numbers and (b) FIFO numbers. x Answer is not complete. (a) Compute its current ratio, inventory turnover, and days' sales in inventory for 2017 using LIFO numbers. Numerator 1 Denominator E Ratio Current ratio $ 220.0 / $ 200.0 1.1 to 1 Inventory turnover $ 740.0 $ 135.0 5.5 times Days' sales in inventory 365.0 X $ 5.5 X 66.4 days (b) Compute its current ratio, inventory turnover, and days' sales in inventory for 2017 using FIFO numbers. Numerator 1 Denominator E Ratio Current ratio $ 300.0 1 $ 200.0 = 1.5 to 1 Inventory turnover 660.0 175.0 = 3.8 times Days' sales in inventory 365.0 X $ 1.5 X 243.3 days

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