Multiple Choice Question 179 The following information pertains to Pharoah Company. Assume that all balance sheet amounts represent both average and ending balance figures. Assume that all sales were on credit. Assets Cash and short-term investments Accounts receivable (net) Inventory Property, plant and equipment Total Assets Liabilities and Stockholders' Equity Current liabilities Long-term abilities Stockholders' equity-common Total Liabilities and Stockholders' Equity $ 47000 38100 29600 212000 $326700 $ 31000 85700 210000 $326700 Income Statement Sales revenue cost of goods sold Gross profit Operating expenses Net income $107000 72500 34500 31500 $ 3000 8200 Number of shares of common stock Market price of common stock Dividends per share on common stock $29 5.90 Gross profit Operating expenses Net income 34500 31500 $ 3000 Number of shares of common stock Market price of common stock Dividends per share on common stock Cash provided by operations 8200 $29 5.90 $40000 What is the current ratio for this company? 2.67 2.75 3.70 1.52 Multiple Choice Question 109 Swifty Corporation's accounting records reflect the following inventories: Dec 31, 2019 Dec 31, 2020 Raw materials inventory $ 75000 $ 71000 Work in process inventory 106000 118000 Finished goods Inventory 100000 92000 During 2020, Swifty purchased $1250000 of raw materials, incurred direct labor costs of $250000, and incurred manufacturing overhead totaling $160000. How much is total manufacturing costs incurred during 2020 for Swifty? $1672000 $1652000 $1660000 $1664000