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8 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. LIFO inventory LIFO cost of goods sold FIFO inventory FIFO cost of goods sold Current assets (using LIFO) Current liabilities Current ratio Inventory turnover Days' sales in inventory. 2017 $330 Numerator Current ratio Inventory turnover Days' sales in inventory 910 400 865 390 175 Numerator 2016 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.) $ 280 850 305 (a) Compute its current ratio, inventory turnover, and days' sales in inventory for 2017 using LIFO numbers. - 360 155 Denominator (b) Compute its current ratio, inventory turnover, and days' sales in inventory for 2017 using FIFO numbers. Denominator Ratio = 0 0 Ratio 0 0 0 0

8 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. LIFO inventory LIFO cost of goods sold FIFO inventory FIFO cost of goods sold Current assets (using LIFO) Current liabilities Current ratio Inventory turnover Days' sales in inventory. 2017 $330 Numerator Current ratio Inventory turnover Days' sales in inventory 910 400 865 390 175 Numerator 2016 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.) $ 280 850 305 (a) Compute its current ratio, inventory turnover, and days' sales in inventory for 2017 using LIFO numbers. - 360 155 Denominator (b) Compute its current ratio, inventory turnover, and days' sales in inventory for 2017 using FIFO numbers. Denominator Ratio = 0 0 Ratio 0 0 0 0

Financial Accounting
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 4PA: The beginning inventory for Funky Party Supplies and data on purchases and sales for a three-month...
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8 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. LIFO inventory LIFO cost of goods sold FIFO inventory FIFO cost of goods sold Current assets (using LIFO) Current liabilities Current ratio Inventory turnover Days' sales in inventory 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.) 2017 $ 330 910 489 865 390 175 (a) Compute its current ratio, inventory turnover, and days' sales in inventory for 2017 using LIFO numbers. Denominator Numerator Current ratio Inventory turnover Days' sales in inventory 2016 $ 280 850 305 360 155 Numerator (b) Compute its current ratio, inventory turnover, and days' sales in inventory for 2017 using FIFO numbers. Ratio / Denominator = 0 0 0 Ratio 0 0 이
Transcribed Image Text:8 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. LIFO inventory LIFO cost of goods sold FIFO inventory FIFO cost of goods sold Current assets (using LIFO) Current liabilities Current ratio Inventory turnover Days' sales in inventory 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.) 2017 $ 330 910 489 865 390 175 (a) Compute its current ratio, inventory turnover, and days' sales in inventory for 2017 using LIFO numbers. Denominator Numerator Current ratio Inventory turnover Days' sales in inventory 2016 $ 280 850 305 360 155 Numerator (b) Compute its current ratio, inventory turnover, and days' sales in inventory for 2017 using FIFO numbers. Ratio / Denominator = 0 0 0 Ratio 0 0 이
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