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...

90.2K

Verified Solution

Question

Accounting

image
image
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 $ 300 880 370 835 360 430 165 Year 1 $ 250 820 275 LIFO inventory LIFO cost of goods sold FIFO inventory FIFO cost of goods sold Current assets (using LIFO) Current assets (using FIFO) Current liabilities 330 355 145 1. Compute its current ratio, Inventory turnover, and days' sales in inventory for year 2 using ( LIFO numbers and (6) FIFO numbers. (Round your answers to 1 decimal place.) (a) Compute its current ratio, inventory turnover, and days' sales in inventory for year 2 using LIFO numbers Numerator Denominator Ratio Current ratio 0 Inventory turnover 0 Days' sales in inventory 0 (b) Compute its current ratio, inventory turnover, and days' sales in inventory for year 2 using FIFO numbers. Numerator Denominator Ratio Current ratio 0 Inventory turnover 0 Days sales in inventory 0

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