Fifo for comparison purposes

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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.


2008

2007

LIFO Inventory

$

120

$

84

LIFO Cost of goods sold


700


763

FIFO Inventory


260


457

FIFO Cost of goods sold


600


645

Current assets (using LIFO)


200


160

Current liabilities


180


144

Compute its current ratio, inventory turnover,and days' sales in inventory for 2008 using (a) LIFOnumbers and (b) FIFO numbers.

Reference no: EM13257339

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