Will rate

QUESTION 3 Partially correct Mark0.33 out of 1.00 The LIFO Inventory Reserve Midwestern Steel Company uses the LIFO inventory costing method to value its ending inventory. The following data were obtained from the company's accounting records: Current assets (under FIFO) $9,000,000 6,500,000 1,000,000 1,700,000 Current liabilities Inventory under LIFO Inventory under FIFO Calculate the company's (a) LIFO inventory reserve and (b) current ratio assuming C) FIFO and (ii) LIFO. Round your answer to two decimal points a. LIFO inventory reserve 700,000 FIFO LIFO b. Current ratio 1.49X 1.38X