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Cruz Company uses LIFO for inventory costing and reports the following financial data. It also recomputed inventory and cost of good sold using FIFO for comparison purposes. LIFO inventory LIFO cost of goods sold FIFO inventory FIFO cost of goods sold Current assets (using LIFO) Current assets (using FIFO) Current liabilities Year 2 $ 270 850 340 805 330 400 180 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 Year 1 $ 220 790 245 790 300 325 160 (a) Compute its current ratio, inventory turnover, and days' sales in inventory for Year 2 using LIFO numbers. Numerator / Denominator Current ratio Inventory turnover Days' sales in inventory (b) Compute its current ratio, inventory turnover, and days' sales in inventory for Year 2 using FIFO numbers. Ratio Numerator / Denominator Ratio

Cruz Company uses LIFO for inventory costing and reports the following financial data. It also recomputed inventory and cost of good sold using FIFO for comparison purposes. LIFO inventory LIFO cost of goods sold FIFO inventory FIFO cost of goods sold Current assets (using LIFO) Current assets (using FIFO) Current liabilities Year 2 $ 270 850 340 805 330 400 180 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 Year 1 $ 220 790 245 790 300 325 160 (a) Compute its current ratio, inventory turnover, and days' sales in inventory for Year 2 using LIFO numbers. Numerator / Denominator Current ratio Inventory turnover Days' sales in inventory (b) Compute its current ratio, inventory turnover, and days' sales in inventory for Year 2 using FIFO numbers. Ratio Numerator / Denominator Ratio

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 24CE: Inventory Costing: Average Cost Refer to the information for Filimonov Inc. and assume that the...
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Cruz Company uses LIFO for inventory costing and reports the following financial data. It also recomputed inventory and cost of good sold using FIFO for comparison purposes. LIFO inventory LIFO cost of goods sold Year 2 $ 270 850 340 805 330 400 180 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 Year 1 $ 220 790 245 790 300 325 160 (a) Compute its current ratio, inventory turnover, and days' sales in inventory for Year 2 using LIFO numbers. Ratio Current ratio Inventory turnover Days' sales in inventory Numerator / Denominator (b) Compute its current ratio, inventory turnover, and days' sales in inventory for Year 2 using FIFO numbers. Numerator 1 Denominator Ratio
Transcribed Image Text:Cruz Company uses LIFO for inventory costing and reports the following financial data. It also recomputed inventory and cost of good sold using FIFO for comparison purposes. LIFO inventory LIFO cost of goods sold Year 2 $ 270 850 340 805 330 400 180 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 Year 1 $ 220 790 245 790 300 325 160 (a) Compute its current ratio, inventory turnover, and days' sales in inventory for Year 2 using LIFO numbers. Ratio Current ratio Inventory turnover Days' sales in inventory Numerator / Denominator (b) Compute its current ratio, inventory turnover, and days' sales in inventory for Year 2 using FIFO numbers. Numerator 1 Denominator Ratio
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