Highly Suspect Corp. has current liabilities of $401,000, a quick ratio of 1.50, inventory turnover of 3.70, and a current ratio of 3.60. What is the cost of goods sold for the company?

$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

you had 23.00$ because 28 - 5 = 23 then put it in dollar form

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