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Cruz Company uses LIFO for inventory costing and reports the following financial data

 

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.

 

 

2008

2007

LIFO Inventory

$

120

$

84

LIFO Cost of goods sold

 

700

 

763

FIFO Inventory

 

260

 

457

FIFO Cost of goods sold

 

600

 

645

Current assets (using LIFO)

 

200

 

160

Current liabilities

 

180

 

144


 

Required:

Compute its current ratio, inventory turnover,and days' sales in inventory for 2008 using (a) LIFOnumbers and (b) FIFO numbers. (Round your answerto 1 decimal place.)

 
 

Current ratio

Inventory turnover (times)

Days' sales in inventory (days)

LIFO

FIFO




 

Apr 30 2018 View more View Less

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