Homework Answers
Current assets = $60,442
LIFO Reserve = $1,286
Current assets after adjusting LIFO Reserve = Current assets + LIFO Reserve
= 60,442 + 1,286
= $61,728
Current ratio after adjusting LIFO Reserve = Current assets after adjusting LIFO Reserve/Current liabilities
= 61,728/64,300
= 0.96
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