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. Year 2 Year 1 LIFO inventory $ 160 $ 110 LIFO cost of goods sold 740 680 FIFO inventory 240 110 FIFO cost of goods sold 660 645 Current assets (using LIFO) 220 180 Current assets (using FIFO) 300 180 Current liabilities 200 170
Compute its current ratio, inventory turnover, and days' sales in inventory for Year 2 using (a) LIFO numbers and (b) FIFO numbers.