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 $ 310 $ 260
lifo cost of goods sold 890 830
fifo inventory 380 285
fifo cost of goods sold 845 —
current assets (using lifo) 370 340
current liabilities 185 165
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.)