Cruz Company uses LIFO for inventory costing and reports the following financial data. It also recomputed the inventory and cost of goods sold using FIFO for comparison purposes.

2015 2014
LIFO inventory $330 $280
LIFO cost of goods sold 910 850
FIFO inventory 400 305
FIFO cost of goods sold 965
Current assets (Using LIFO) 390 360
Current Liabilities 175 155
Required:

1) Compute its current ratio, inventory turnover, and day's sales in inventory for 2015 using

(a) LIFO numbers and

(b) FIFO numbers. (Round your answers to 1 decimal place.)

Analyzing and computing accrued warranty liability and expense waymire company sells a motor that carries a 60-day unconditional warranty against product failure. from prior years' experience, waymire estimates that 2% of units sold each period will require repair at an average cost of $100 per unit. during the current period, waymire sold 69,000 units and repaired 1,000 units. (a) how much warranty expense must waymire report in its current period income statement? (b) what warranty liability related to current period sales will waymire report on its current period-end balance sheet? (hint: remember that some units were repaired in the current period.) (c) what analysis issues must we consider with respect to reported warranty liabilities?