Complete the balance sheet and sales information in the table that follows for J. WhiteIndustries using the following financial data and then answer the following question:

What was the cost of goods soled of J.White Industries?

Total assets turnover:2.5Gross profit margin on sales: (Sales - Cost of goods sold)/Sales =30%Total liabilities-to-assets ratio:30%Quick ratio:0.75Days sales outstanding (based on 365-day year):15Inventory turnover ratio:4.25

Partial Income StatementInformationSales_______Cost of goods sold_______Balance SheetCash_______Accounts payable______Accounts receivable_______Long-term debt50,000Inventories_______Common stock______Fixed assets_______Retained earnings100,000Total assets$400,000Total liabilities and equity