Exercise 5-18(Algo) Comparing LIFO numbers to FIFO numbers; ratio analysis LO A3 Cruz Company...

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Accounting

Exercise 5-18(Algo) Comparing LIFO numbers to FIFO numbers; ratio analysis LO A3
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.
\table[[LIFO inventory,Year 2,Year 1],[LIFO cost of goods sold,$290,$240
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