Builtrite Bakery is a new firm specializing in all natural ingredient pastry products. In attempting to determine what the financial position of the firm should be the financial manager obtained the following average ratios for the baking industry for 2019: Common equity / total assets 60% Total assets turnover 3 times Long-term debt / total assets 20% Current ratio 1.2. Quick ratio 75 Average collection period (360-day 6 days year) Complete the accompanying projected balance sheet for Builtrite Bakery assuming 2020 sales (all credit) are $9,000,000 Builtrite Bakery projected Balance Sheet ending December 31, 2020 Cash Current Liabilities Accts Long Term Debt Receivable Inventory Total Debt Tot. Current Common Equity Tot. Liabilities & Fixed assets equity Total Assets assets Based upon the above information, the level of total debt equals: $800,000 51,00,000 $1,200,000 $1,400,000 Based upon the above information, the level of inventory equals: $150,000 $180,000 $220,000 $270,000