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TO VEIDUSO NULIUunys. Presented below is financial data for two companies that are identical in every respect except that Company X uses the FIFO method
TO VEIDUSO NULIUunys. 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 19,000 19,100 8,600 Inventory Current assets 65,000 54,600 Current liabilities 21,000 21,000 Round all answers to nearest one decimal place. Company X (FIFO) 0 % Company z (LIFO) Return on sales 0 % 0 0 Inventory turnover Inventory-on-hand period (Do not round until your final answer.) Current ratio 0 0 0 0
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