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.