Assume that the football team is set up as limited partnership. Lenny is the only general partner and Sarah and Sam are the only
1 answer:
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Answer:
$3,115,770
Explanation:
Given:
Current ratio = 3.60
Current liabilities = $401, 000
Quick ratio = 1.50
Inventory turnover = 3.70
Current ratio is calculated by dividing your current assets by your current liabilities.
Current Assets = 3.60 × 401,000
= $1,443,600
1.50 × 401,000 = 1,443,600 - Inventory
601,500 = 1,443,600 - Inventory
Inventory = 1,443,600 - 601,500
= $842,100
Cost of Goods Sold = 3.70 × 842,100
= $3,115,770