Net sales Cost of goods sold Gross profit 2010 $718,500 580,000 $138,500 2009 $650,500 520,000 $130,500 2008 $640,000 515,000 $125,000 Operating expenses Selling, general, and administrative Interest $71,000 4,000 $67,000 3,000 $ 75,000 Earnings before income taxes Income taxes Net earnings $65,000 2,500 $ 67,500 $57,500 28.000 29500 $ 70,000 $60,500 29.000 31500 $63,500 30,000 33500 Compute Acid-Test Ratio for the year 2010 Net sales Cost of goods sold Gross profit 2010 $718,500 580,000 $138,500 2009 $650,500 520,000 $130,500 2008 $640,000 515,000 $125,000 Operating expenses Selling, general, and administrative Interest $71,000 4,000 $67,000 3,000 $ 75,000 Earnings before income taxes Income taxes Net earnings $65,000 2,500 $ 67,500 $57,500 28.000 29500 $ 70,000 $60,500 29.000 31500 $63,500 30,000 33500 Compute Acid-Test Ratio for the year 2010