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goods sold mtory of goods sold ssets (using LIFO) ssets (using FIFO) iabilities 870 360 825 350 420 170 810 265 810 320 345 150 its current ratio, inventory turnover, and days' sales in inventory for Ye Answer is not complete.

goods sold mtory of goods sold ssets (using LIFO) ssets (using FIFO) iabilities 870 360 825 350 420 170 810 265 810 320 345 150 its current ratio, inventory turnover, and days' sales in inventory for Ye Answer is not complete.

FINANCIAL ACCOUNTING
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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Cruz Company uses LIFO for inventory costing and reports the following financial data. It also recomputed inventory and cost of 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 1. Compute its current ratio, inventory turnover, and days' sales in inventory for Year 2 using (a) LIFO numbers and (b) FIFO number Current ratio Inventory turnover Days' sales in inventory Answer is not complete. (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 Current ratio Inventory turnover Days' sales in inventory $ $ $ $ Year 2 $ 290 870 360 825 350 420 170 Numerator 1 Denominator 350.0 / $ $ 870.0 111.0 X $ $ $ Numerator 1 350.0 / (a) Compute its current ratio, inventory turnover, and days' sales in inventory for Year 2 using LIFO numbers. Denominator 170.0 265.0 870.0 Numerator $ $ $ Year 1 $240 810 265 810 320 345 150 870.0 / $ 111.0/ $ 1 420.0/ 825.01 312.5/ 170.0 265.0 870.0 X Answer is not complete. $ $ $ Denominator = (b) Compute its current ratio, inventory turnover, and days' sales in inventory for Year 2 using FIFO numbers. 170.0 312.5 825.0 = = 21 3.3 0.1 Ħ = Ratio to 1 times. days = 2.1 3.3 0.1 Ratio to 1 2.5 2.6 0.4 times days Ratio to 1 times days
Transcribed Image Text:Cruz Company uses LIFO for inventory costing and reports the following financial data. It also recomputed inventory and cost of 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 1. Compute its current ratio, inventory turnover, and days' sales in inventory for Year 2 using (a) LIFO numbers and (b) FIFO number Current ratio Inventory turnover Days' sales in inventory Answer is not complete. (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 Current ratio Inventory turnover Days' sales in inventory $ $ $ $ Year 2 $ 290 870 360 825 350 420 170 Numerator 1 Denominator 350.0 / $ $ 870.0 111.0 X $ $ $ Numerator 1 350.0 / (a) Compute its current ratio, inventory turnover, and days' sales in inventory for Year 2 using LIFO numbers. Denominator 170.0 265.0 870.0 Numerator $ $ $ Year 1 $240 810 265 810 320 345 150 870.0 / $ 111.0/ $ 1 420.0/ 825.01 312.5/ 170.0 265.0 870.0 X Answer is not complete. $ $ $ Denominator = (b) Compute its current ratio, inventory turnover, and days' sales in inventory for Year 2 using FIFO numbers. 170.0 312.5 825.0 = = 21 3.3 0.1 Ħ = Ratio to 1 times. days = 2.1 3.3 0.1 Ratio to 1 2.5 2.6 0.4 times days Ratio to 1 times days
Cruz Company uses LIFO for inventory costing and reports the following financial data. It also recomputed inventory and cost of 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 1. Compute its current ratio, inventory turnover, and days' sales in inventory for Year 2 using (a) LIFO numbers and (b) FIFO number Current ratio Inventory turnover Days' sales in inventory Answer is not complete. (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 Current ratio Inventory turnover Days' sales in inventory $ $ $ $ Year 2 $ 290 870 360 825 350 420 170 Numerator 1 Denominator 350.0 / $ $ 870.0 111.0 X $ $ $ Numerator 1 350.0 / (a) Compute its current ratio, inventory turnover, and days' sales in inventory for Year 2 using LIFO numbers. Denominator 170.0 265.0 870.0 Numerator $ $ $ Year 1 $240 810 265 810 320 345 150 870.0 / $ 111.0/ $ 1 420.0/ 825.01 312.5/ 170.0 265.0 870.0 X Answer is not complete. $ $ $ Denominator = (b) Compute its current ratio, inventory turnover, and days' sales in inventory for Year 2 using FIFO numbers. 170.0 312.5 825.0 = = 21 3.3 0.1 Ħ = Ratio to 1 times. days = 2.1 3.3 0.1 Ratio to 1 2.5 2.6 0.4 times days Ratio to 1 times days
Transcribed Image Text:Cruz Company uses LIFO for inventory costing and reports the following financial data. It also recomputed inventory and cost of 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 1. Compute its current ratio, inventory turnover, and days' sales in inventory for Year 2 using (a) LIFO numbers and (b) FIFO number Current ratio Inventory turnover Days' sales in inventory Answer is not complete. (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 Current ratio Inventory turnover Days' sales in inventory $ $ $ $ Year 2 $ 290 870 360 825 350 420 170 Numerator 1 Denominator 350.0 / $ $ 870.0 111.0 X $ $ $ Numerator 1 350.0 / (a) Compute its current ratio, inventory turnover, and days' sales in inventory for Year 2 using LIFO numbers. Denominator 170.0 265.0 870.0 Numerator $ $ $ Year 1 $240 810 265 810 320 345 150 870.0 / $ 111.0/ $ 1 420.0/ 825.01 312.5/ 170.0 265.0 870.0 X Answer is not complete. $ $ $ Denominator = (b) Compute its current ratio, inventory turnover, and days' sales in inventory for Year 2 using FIFO numbers. 170.0 312.5 825.0 = = 21 3.3 0.1 Ħ = Ratio to 1 times. days = 2.1 3.3 0.1 Ratio to 1 2.5 2.6 0.4 times days Ratio to 1 times days
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