Fifo for comparison purposes

Reference no: EM13257339

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.

Reference no: EM13257339

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