Chess 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.
|
2011 |
|
2010 |
| LIFO inventory |
$ |
270 |
|
$ |
220 |
| LIFO cost of goods sold |
|
850 |
|
|
790 |
| FIFO inventory |
|
340 |
|
|
245 |
| FIFO cost of goods sold |
|
805 |
|
|
- |
| Current assets (using LIFO) |
|
330 |
|
|
300 |
| Current liabilities |
|
180 |
|
|
160 |
|
How to get the current ratio by using FIFO and what is the number of "current assets" by using FIFO??