Question 6 Consider the following inventory data: Beginning inventory $325,000 Ending inventory $75,000 Purchases $290,000 Purchase Returns $20,000 Purchase Discounts $6,000 What is the amount of cost of goods sold? $540,000. O $514,000. $520,000. O $310,000. O $340,000 Question 8 Which of the following statements regarding liquidity ratios is false? O A high current ratio generally indicates the ability to pay current liabilities on a timely basis. O Performing services to customers during the current period for cash improves liquidity. The purchase of a new swath of land for cash has no effect on liquidity. O As a rule of thumb, a current ratio of less than 1 often reflects an acceptable level of liquidity. OTwo of the answers are false