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