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
$150 $100
LIFO cost of goods sold 730 670
FIFO inventory 220 125
FIFO cost of goods sold 685 —
Current assets (using LIFO) 210 180
Current liabilities 190 170
1. Compute its current ratio, inventory turnover, and days\'
sales in inventory for 2011 using (a) LIFO numbers and (b) FIFO
numbers.
Click here: Chess Company uses LIFO for inventory costing and reports the following financial data
