please answer all without copy paste and with all work like explanation , computation, formula with steps need correct and complete answer for better understanding please answer in text Cruz Company uses LIFO for inventory costing and reports the following financial data. It also recomputed inventory and cost of goodsold using FIFO for comparison purposes.LIFO inventoryLIFO cost of goods soldYear 2$ 270850340805330400180FIFO inventoryFIFO cost of goods soldCurrent assets (using LIFO)Current assets (using FIFO)Current liabilities1. Compute its current ratio, inventory turnover, and days' sales in inventory for Year 2 using (a) LIFO numbers and (b) FIFO numbers.Current ratioInventory turnoverDays' sales in inventoryYear 1$ 220790245790300325160(a) Compute its current ratio, inventory turnover, and days' sales in inventory for Year 2 using LIFOnumbers.RatioCurrent ratioInventory turnoverDays' sales in inventoryNumerator / Denominator(b) Compute its current ratio, inventory turnover, and days' sales in inventory for Year 2 using FIFOnumbers.Numerator 1 DenominatorRatio

Cruz Company uses LIFO for inventory costing and reports the following financial data. It also recomputed inventory and cost of good 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 assets (using FIFO) Current liabilities Year 2 $ 270 850 340 805 330 400 180 1. Compute its current ratio, inventory turnover, and days' sales in inventory for Year 2 using (a) LIFO numbers and (b) FIFO numbers. Current ratio Inventory turnover Days' sales in inventory Year 1 $ 220 790 245 790 300 325 160 (a) Compute its current ratio, inventory turnover, and days' sales in inventory for Year 2 using LIFO numbers. Numerator / Denominator Current ratio Inventory turnover Days' sales in inventory (b) Compute its current ratio, inventory turnover, and days' sales in inventory for Year 2 using FIFO numbers. Ratio Numerator / Denominator Ratio

Cruz Company uses LIFO for inventory costing and reports the following financial data. It also recomputed inventory and cost of good 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 assets (using FIFO) Current liabilities Year 2 $ 270 850 340 805 330 400 180 1. Compute its current ratio, inventory turnover, and days' sales in inventory for Year 2 using (a) LIFO numbers and (b) FIFO numbers. Current ratio Inventory turnover Days' sales in inventory Year 1 $ 220 790 245 790 300 325 160 (a) Compute its current ratio, inventory turnover, and days' sales in inventory for Year 2 using LIFO numbers. Numerator / Denominator Current ratio Inventory turnover Days' sales in inventory (b) Compute its current ratio, inventory turnover, and days' sales in inventory for Year 2 using FIFO numbers. Ratio Numerator / Denominator Ratio

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working
help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working
in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working!!!!!!!
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