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Help with current ratio. The LIFO Inventory Reserve The Midwestern Manufacturing Company uses the...

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Help with current ratio.

The LIFO Inventory Reserve The Midwestern Manufacturing Company uses the LIFO inventory costing method to value its ending inventory. The following data were obtained from the company's accounting records: Calculate the company's (a) LIFO inventory reserve and (b) current ratio assuming (i) FIFO and (ii) LIFO. If the company's LIFO gross profit was $18,000,000 and the change in the LIFO inventory reserve was $3,000,000, calculate the company's gross profit under FIFO. Round current ratio to two decimal points

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