Sexton Corp. has current liabilities of $420,000, a quick ratio of .78, inventory turnover of 5.4,...
Sexton Corp. has current liabilities of $420,000, a quick ratio
of .78, inventory turnover of 5.4, and a current ratio of 1.6. What
is the cost of goods sold for the company? (Do not round
intermediate calculations.)
Homework Answers
Current Ratio = Current Assets/Current Liabilities
1.6 = Current Assets/$420,000
Current Assets = 1.6 * $420,000 = $672,000
Quick Ratio = (Current Assets - Inventory)/Liabilities
0.78 = (Current Assets - Inventory)/$420,000
Current Assets - Inventory = $327,600
$672,000 - Inventory = $327,600
Inventory = $344,400
Inventory Turnover Ratio = COGS/Average Inventory
5.4 = COGS/$344,400
COGS = 5.4 * $344,400
COGS = $1,859,760
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