Complete the balance sheet and sales information in the table that follows for J. White Industries using the following financial data and then answer the following question: What was the cost of goods sold of J. White Industries?

Total assets turnover: 2.5

Gross profit margin on sales: (Sales Cost of goods sold)/Sales = 30%

Total liabilities-to-assets ratio: 30%

Quick ratio: 0.75

Days sales outstanding (based on 365-day year): 15

Inventory turnover ratio: 4.25

Partial Income Statement Information

Sales _______

Cost of goods sold _______

Balance Sheet Cash _______ Accounts payable ______

Accounts receivable _______ Long-term debt 50,000

Inventories _______ Common stock ______

Fixed assets _______ Retained earnings 100,000

Total assets $400,000 Total liabilities and equity