Complete the balance sheet and sales information in the table that follows for Hoffmeister Industries using the following financial data:

Debt ratio: 50%

Quick ratio: 0.80X

Total assets turnover: 1.5C

Days sales outstanding: 36.5 days a

Gross profit margin on sales: (Sales _ Cost of goods sold)/Sales _ 25%

Inventory turnover ratio: 5X

A calculation is based on a 365-day year.

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BALANCE SHEET Cash Accounts receivable Inventories Fixed assets Total assets Sales Accounts payable Long-term debt Common stock Retained carnings Total liabilities and equity Cost of goods sold 60,000 97,500 $300,000