Homework Answers
| Current ratio = | Current assets/current liabilities | |||||||
| 1.4 | = | x/455,000 | ||||||
| current assets (x)= | 455000*1.4 | |||||||
| 637000 | ||||||||
| Quick ratio = | quick assets/current liabilities | |||||||
| 0.94 | = | x/455,000 | ||||||
| current assets (x)= | 455000*.94 | |||||||
| 427700 | ||||||||
| difference in current assets and quick ratio is due to inventory | ||||||||
| 637000-427700 | ||||||||
| 209300 | ||||||||
| now | ||||||||
| inventory turnover = | cost of goods sold/inventory | |||||||
| 7 | = | x /209300 | ||||||
| so cost of goods sold = | 209300*7 | |||||||
| 1465100 | answer | |||||||
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