The following data were taken from the balance sheet of Nilo Company at the end of two recent fiscal years: Current Year Previous Year
Current assets:
Cash $391,000 $300,000
Marketable securities 515,000 354,000
Accounts and notes receivable (net) 634,000 426,000
Inventories 368,000 222,000

Prepaid expenses 182,000 138,000
Total current assets $2,090,000 $1,440,000
Current abilities:
Accounts and notes payable (short-term) $725,000 $600,000
Accrued lisbilities 275,000 300,000
Total current liabilities $1,000,000 $900,000
Determine for each year:
(1) the working capital,
(2) the current ratio, and
(3) the quick ratio.
Round ratios to one decimal placces.

Exercise 6-2 variable costing income statement; explanation of difference in net operating income [lo6-2] ida sidha karya company is a family-owned company located on the island of bali in indonesia. the company produces a handcrafted balinese musical instrument called a gamelan that is similar to a xylophone. the gamelans are sold for $970. selected data for the company’s operations last year follow: units in beginning inventory 0 units produced 200 units sold 180 units in ending inventory 20 variable costs per unit: direct materials $ 130 direct labor $ 300 variable manufacturing overhead $ 30 variable selling and administrative $ 15 fixed costs: fixed manufacturing overhead $ 63,000 fixed selling and administrative $ 25,000 the absorption costing income statement prepared by the company’s accountant for last year appears below: sales $ 174,600 cost of goods sold 139,500 gross margin 35,100 selling and administrative expense 27,700 net operating income $ 7,400 required: 1. under absorption costing, how much fixed manufacturing overhead cost is included in the company's inventory at the end of last year? 2. prepare an income statement for last year using variable costing.