Information for Marigold Corp. is given below:

Marigold Corp.

Balance Sheet

December 31, 2018

Assets

Equities

Cash$ 299000

Accounts payable$ 630000

Accounts receivable (net)1957000

Income taxes payable

190000

Inventories2430000

Miscellaneous accrued payables226000

Plant and equipment,Bonds payable (8%, due 2020)1873000

net of depreciation1984000

Preferred stock ($100 par, 6%Patents258000

cumulative nonparticipating)759000

Other intangible assets75600

Common stock (no par, 60,000

Total Assets$7003600

shares authorized, issuedand outstanding)1121000

Retained earnings2433600

Treasury stock-1500 sharesof preferred(229000)

Total Equities$7003600

Marigold Corp.

Income Statement

Year Ended December 31, 2018

Net sales$8700000

Cost of goods sold6500000

Gross profit2200000

Operating expenses (including bond interest expense)1600000

Income before income taxes600000

Income tax460000

Net income$ 140000

Additional information:

There are no preferred dividends in arrears, the balances in the Accounts Receivable and Inventory accounts are unchanged from January 1, 2018, and there were no changes in the Bonds Payable, Preferred Stock, or Common Stock accounts during 2018. Assume that preferred dividends for the current year have not been declared.

At December 31, 2018, the current ratio was

2256 630.

4686 1046.

6671 820.

4686 820.

Blossom Inc. uses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory at cost (retail) were $403500 ($604000), purchases during the current year at cost (retail) were $3608000 ($5393600), freight-in on these purchases totaled $169500, sales during the current year totaled $4866000, and net markups were $424000. What is the ending inventory value at cost? Hint: Round intermediate calculation to 3 decimal places, e.g. 0.635 and final answer to 0 decimal places.

$1012696.

$847016.

$1123040.

$1555600.

The following information is available for October for Sandhill Company.

Beginning inventory$310000

Net purchases970000

Net sales1940000Percentage markup on cost66.67%

A fire destroyed Sandhill's October 31 inventory, leaving undamaged inventory with a cost of $19000. Using the gross profit method, the estimated ending inventory destroyed by fire is

$498333.

$97000.

$517333.

$660000.

please help make this make sense to me