1. Calculate the food cost (cost of goods sold) from October 2022 - December 2022 given the following information: Inventory at the beginning of Oetober: $250,000 Inventory purchased between October and December: $310,000 Inventory at the end of December. $140,000 2. Using the above information in question 1 and the attached income statement, determine the gross proft for Frost Family Restaurant. 3. Using the attached balance sheet for the Frost Family Restaurant determine the current ratio, acid test ratio, and solvency ratio. \begin{tabular}{|l|llcllllll} \hline & A & B & C & D & E & F \\ \hline 2 & & & BALANCE SHEET & & & & & & \end{tabular} February 28, 2023 Assets 6 Current Assets Liabilities and Owner's Equity \begin{tabular}{ll} 7 & Cash \\ \hline 8 & \\ \hline \end{tabular} Current Liabities 8 on hand and in checking 10+ in savings 11 Marketable securities 12 inventory 13 Prepaid expenses 14 Total Current Assets 16 Fixed Assets 17 Land 18 Building 19 Equipment Dishware 21 Less depreciation Total Fixed Assets Other Assets Total Assets $913,386 Total Liabilities \& $913,386 Owner's Equity 1. Calculate the food cost (cost of goods sold) from October 2022 - December 2022 given the following information: Inventory at the beginning of Oetober: $250,000 Inventory purchased between October and December: $310,000 Inventory at the end of December. $140,000 2. Using the above information in question 1 and the attached income statement, determine the gross proft for Frost Family Restaurant. 3. Using the attached balance sheet for the Frost Family Restaurant determine the current ratio, acid test ratio, and solvency ratio. \begin{tabular}{|l|llcllllll} \hline & A & B & C & D & E & F \\ \hline 2 & & & BALANCE SHEET & & & & & & \end{tabular} February 28, 2023 Assets 6 Current Assets Liabilities and Owner's Equity \begin{tabular}{ll} 7 & Cash \\ \hline 8 & \\ \hline \end{tabular} Current Liabities 8 on hand and in checking 10+ in savings 11 Marketable securities 12 inventory 13 Prepaid expenses 14 Total Current Assets 16 Fixed Assets 17 Land 18 Building 19 Equipment Dishware 21 Less depreciation Total Fixed Assets Other Assets Total Assets $913,386 Total Liabilities \& $913,386 Owner's Equity
