Shaker Corporation experienced a fire on December 31, 1998, in which its fi-nancial records were partially destroyed. It has been able to salvage some of the records and has ascertained the following balances: 

Additional information:1. The inventory turnover is 3.6 times.2. The return on common stockholders' equity is \(22 \%\). The company had no additionalpaid-in capital.3. The receivables turnover is 9.4 times.4. The return on assets is \(20 \%\).5. Total assets at December 31, 1997, were \(\$ 605,000\)InstructionsCompute the following for Shaker Corporation:

(a) Cost of goods sold for 1998

(b) Net sales for 1998

(c) Net income for 1998

(d) Total assets at December 31, 1998

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December 31, 1998 December 31, 1997 $ 10,000 Cash Receivables (net) $ 30,000 72,500 126,000 Inventory 200,000 180,000 Accounts payable 50,000 90,000 Notes payable 30,000 60,000 Common stock, $100 par 400,000 400,000 Retained earnings 113,500 101,000