Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. cruz company uses lifo for inventory costing and r

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

50.1K

Verified Solution

Question

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. 2017 2016 LIFO inventory $ 190 $ 140 LIFO cost of goods sold 770 710 FIFO inventory 260 165 FIFO cost of goods sold 725 Current assets (using LIFO) 250 220 Current liabilities 170 150 1. Compute its current ratio, inventory turnover, and days' sales in inventory for 2017 using (a) LIFO numbers and (b) FIFO numbers. (Round your answers to 1 decimal place.)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

a)Mrs Lee wants to set up a saving plan for her daughter’s university education. She makes...

Finance
Q

Assume that your friend claims that he can run 20 km in less than an hour...

Statistics
Q

1. Please describe negative control in terms of transcriptional regulation of gene expression? 2. Please explain the...

Biology
Q

Desktop and Server OS Vulnerabilities a long and comprehensive explanation by typing please 1.IDENTIFY SPECIFIC VULNERABILITIES AND...

Programming
Q

Which order below reflects the correct procedure for Gram staining O Crystal violet lodine alcohol...

Biology
Q

By Kolj 100 BYD Op E F B Which geographic region did Franz Ferdinand represent...

Biology
Q

Zemember A B 8123 C 0 6201 Football Team Points 337 44 7 8 7...

Algebra
Q

He Saved ework Marvel Parts, Inc. manufactures auto accessories. One of the company's products is...

Accounting
Q

Audit client's responsibilities include q, a. Providing access to facilities and evidential material...

Accounting
Q

What is Strategy, please describe what strategy is, what strategy is not and how would...

Accounting
Q

question The UK is found to have two factors, GDP growth and the inflation...

Finance
Q

Good to Go Auto Products distributes automobile parts to service stations and repair shops. The...

Accounting