33 ABC Inc. uses a FIFO inventory system. Using the following data determine the cost of goods sold: Units Unit cost Total Cost Beginning Inventory 15 $5 $75 Purchase on April 25 40 $8 $ 320 Purchase on Nov 13 10 $9 $90 Sales 40 ? $275 $360 $298 $330 QUESTION 30 On July 16, 2011, Martson and Co. made the following journal entry: Accounts Receivable 25,000 Sales Revenue 25,000 Cost of Goods Sold 10,000 Inventory 10,000 Martson and Co. is using the. Inventory system. Perpetual FIFO COO Periodic LIFO QUESTION 28 Jay International has the following information from its 2011 balance sheet: Cash Accounts Receivable - Net Inventory Current Liabilities Long-Term Liabilities $5,000 25,000 36,000 45,000 60,000 What is Jay International's current ratio for the year of 2011? 1.10 0.67 1.47 0.63