Compute the amount of Assets Liabilities = 553,000 Stockholders' Equity - $11.000 QUESTION 48 A business has liabilities of $81.000 and stockholders' equity of $9,000. What amount of assets does the business own? QUESTION 49 Rachel Company uses the periodic system to track Inventory. At the beginning of the year, the business held merchandise with a book value of 51,400. During the year, Rachel acquired additional items at a cost of $17,000. At the end of the period, the business had $1,200 of inventory on hand. What was Rachel Company's cost of goods sold for the ear? QUESTION 50 Bird Products, an online retailer, had the following purchase and sales activity for a particular Inventory tem during the month of August Units Cost Aug 1 - Inventory Aug. 19 - Purchase Aug 21 - Purchase 5 120 5115 $ 138 Selling Price Aug. 26 - Sale $200 If Bird Products uses the Average inventory costing method, what amount of cost of goods sold will the company report for the month