2022 2021

Cash $27,000 $11,500

AR (net) $70,000 $121,500

Inventory $209,000 $188,000

AP $45,500 $89,500

Notes Payable $34,000 $59,500

Common Stock $100 par $386,000 $386,000

Retained earnings $105,000 $106,500

Additional information:

inventory turnover is 3.0 times

return on common stockholders equity is 28% with no additional capital accounts

AR turnover is 7.7 times

return on asset is 12.5%

total assets as of Dec 31, 2021 were $606,000

Compute the following:

a. COGS for 2022

b. Net credit sales for 2022

c. Net income for 2022

d. Total assets at Dec 31, 2022