ANSWER SHEET 2 Last Name: First Name: Student ID: Section 2: Problem solving questions; (Demonstrat te your calculation steps to receive partial and full credit) P3 (5 points): 24. A firm has sales of $2.,190, pect income of S174, net fixed assets of $1,600, and current assets o has $310 in inventory. What is the common-size statement value of inventory? A. 13.36 percent B. 14.16 percent C. 19.38 percent D. 30.42 percent E. 43.06 percent P4 (5 points): 25. The Cookie Shoppe expects sales of $437,500 next year. The profit margin is 5.3 percent and the firm has a 30 percent dividend payout ratio. What is the projected increase in retained earnings? A, $16,231 B. $17,500 C. $18,300 D. $20,600 E. $21,000 Page 7 of