im in a hurry please

QUESTION 6 (20 marks) + The financial statements of Indigo Limited are as follows. 2018 Indigo Limited Statement of Financial Position As at December 31, 2019 and 2018 2019 Assets Current assets Cash $22.500 Accounts receivable 100,000 Inventory 57,500 Prepaid insurance 15.000 Total current assets 195.000 Property, plant and equipment, net 600,000 Total assets S795,000 $15,000 127,500 22.500 22.500 187,500 472.500 5660.000 Liabilities Current liabilities Accounts payable Salaries payable Total current liabilities Noncurrent liabilities Total liabilities S60,000 37.500 597,500 112.500 210,000 $75.000 60.000 $135,000 225.000 360.000 Shareholders' Equity Ordinary shares, S100 par Retained earnings Total shareholders' equity Total liabilities and equity S435,000 150.000 585.000 S795.000 $225,000 75.000 300,000 5660.000 Indigo Limited Income Statement For the year ended December 31, 2019 2019 Sales (all on credit) $600,000 Less: Cost of goods sold 315.000 Gross profit 285,000 Less: Operating expenses 82,500 Operating profit 202,500 Less: Income tax expense 40,500 Profit for the year $ 162.000 QUESTION 6 (continued) Required: (Show all calculations and round ALL answers to 2 decimal places.) a. Calculate the following ratios for Indigo Limited for the year 2019: (14 marks) Current ratio ii) Quick ratio iii) Return on assets iv) Retum on equity v) Inventory turnover rate vi) Earnings per share b. Based on the ratios calculated in (a), explain to a shareholder why the current ratio and the quick ratio are different. Do you observe any liquidity problems of Indigo Limited? Explain. (6 marks) QUESTION 3 (15 marks) Part I (12 marks) Ripken Company uses a perpetual inventory system and reported the following transactions involving inventory during the month of April 2019: April 1 Beginning inventory 4 Purchases 30 Sales 70 units 30 units 90 units @ $150 @ $160 @ $200 Required: (Show all calculations) a. Calculate the cost of Goods Sold on April 30, 2019 for Ripken Company using the following cost flow assumptions: (i) Weighted Average Cost method and (ii) First-In-First-Out (FIFO) method. (4 marks) b. Calculate the Gross Profit for the month ended April 30, 2019 for Ripken Company using the following cost flow assumptions: (i) Weighted Average Cost method and (ii) First-In-First-Out (FIFO) method. (2 marks) c. If costs were rising instead of falling, which cost flow assumptions in (a) would report the highest profit for the current year? Explain. (4 marks) d. Ripken Company's perpetual inventory system indicate that the Inventory account has a balance of $675.400 as at December 31, 2019. However, a physical count shows that the inventory on hand has a cost of only 663,800. Journalize the entry for the inventory shrinkage for Ripken Company for the year ended December 31, 2019. Assume that the inventory shrinkage is a normal amount. Explanation for the journal entry is NOT required. (2 marks) Part II (3 marks) Venus Company is a retailer of fine leather goods and prepares its financial statements on December 31 each year. The company's inventory balance at the beginning of the year (January 1) was $300,000. Venus Company purchased $250,000 of goods during January, and sales during January were $400,000. What is the balance that would appear in Venus Company's inventory account on February 1 assuming use of a periodic inventory system? Explain