At December $31,2024,$ Michelle Walker Corporation reported current assets of $$344,933$ and current liabilities of $$192,700.$ The

tollowIng items mav have been recorded incorrect v$.$ Waker uses a berbetualinventory system.

Goods purchased costing $$21,090$ were shipped f$.$o$.$b$.$ shipping point by a supplier on December $28.$ Walker received and recorded the invoice on December $29,2024,$ but the goods were not included in Walker's inventory because they were not

received until January $4.$ zoz$5.$

Goods purchased costing $$16,010$ were shipped f$.$o$.$b$.$ destination by a supplier on December $26.$ Walker received and recorded the invoice on December $31,$ but the goods were not included in Walker's $2024$ inventory because they were not received until Januarv $2.2025.$

Goods held on consignment from Claudia Kishi Company were included in Walker's December $31,2024,$ inventory at $$12,250.$

$($a$)$

Compute the current ratio based on Walker's balance sheet. $($Round ratio to $2$ decimal places, e$.$g$.2\mathrm{.}31$:$1.)$

The current ratio