Homework Help is Here – Start Your Trial Now!
Business
Accounting
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 Year 2 $ 320 900 390 855 380 450 180 FIFO cost of goods sold Current assets (using LIFO) Current assets (using FIFO) Current liabilities 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 $ 270 840 295 840 350 375 160 (a) Compute its current ratio, inventory turnover, and days' sales in inventory for Year 2 using LIFO numbers. Current ratio Inventory turnover Days' sales in inventory Numerator / Denominator Ratio 0 0 (b) Compute its current ratio, inventory turnover, and days' sales in inventory for Year 2 using FIFO numbers. Numerator / Denominator 0 Ratio 0 0 0

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 Year 2 $ 320 900 390 855 380 450 180 FIFO cost of goods sold Current assets (using LIFO) Current assets (using FIFO) Current liabilities 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 $ 270 840 295 840 350 375 160 (a) Compute its current ratio, inventory turnover, and days' sales in inventory for Year 2 using LIFO numbers. Current ratio Inventory turnover Days' sales in inventory Numerator / Denominator Ratio 0 0 (b) Compute its current ratio, inventory turnover, and days' sales in inventory for Year 2 using FIFO numbers. Numerator / Denominator 0 Ratio 0 0 0

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Dengar 

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 Year 2 $ 320 Current ratio Inventory turnover Days' sales in inventory 900 390 855 380 450 180 Year 1 $ 270 840 FIFO cost of goods sold Current assets (using LIFO) Current assets (using FIFO) Current liabilities 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 (a) Compute its current ratio, inventory turnover, and days' sales in inventory for Year 2 using LIFO numbers. 295 840 350 375 160 Numerator / Denominator Numerator / Denominator Ratio 0 0 (b) Compute its current ratio, inventory turnover, and days' sales in inventory for Year 2 using FIFO numbers. 0 Ratio 0 0 0
Transcribed Image Text: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 Year 2 $ 320 Current ratio Inventory turnover Days' sales in inventory 900 390 855 380 450 180 Year 1 $ 270 840 FIFO cost of goods sold Current assets (using LIFO) Current assets (using FIFO) Current liabilities 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 (a) Compute its current ratio, inventory turnover, and days' sales in inventory for Year 2 using LIFO numbers. 295 840 350 375 160 Numerator / Denominator Numerator / Denominator Ratio 0 0 (b) Compute its current ratio, inventory turnover, and days' sales in inventory for Year 2 using FIFO numbers. 0 Ratio 0 0 0
Expert Solution
steps

Step by step

Solved in 4 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Cost allocation
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS