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

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Accounting

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.

Year 2 Year 1
LIFO inventory $ 330 $ 280
LIFO cost of goods sold 910 850
FIFO inventory 400 305
FIFO cost of goods sold 865 850
Current assets (using LIFO) 390 360
Current assets (using FIFO) 460 385
Current liabilities 175 155

1. Compute its current ratio, inventory turnover, and days' sales in inventory for Year 2 using (a) LIFO numbers and (b) FIFO numbers.

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