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Mr. Wiley just became aware of the different valuation methods for inventories. He has asked his accountant to calculate the following ratios using different valuation methods:
LIFO FIFO WAC Inventory
Turnover Ratio 4.36 4.32 4.29
Number of Days to be Sold 83.8 84.5 85.1
Gross Profit to Sales Ratio 58% 58% 58%
Cost of Goods Sold to Net Sales Ratio 42% 42% 42%
Current Ratio 3.88 3.92 3.94
Required:
Problem a) Comment on the ratios calculated above and suggest to Mr. Wiley which would be the best measurement method for the valuation of inventories. Give reasons for your answer.
Problem b) Discuss the motivation or de-motivation for adopting LIFO method.
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