Note: The common shares are trading in the stock market for $20 per share. Compute the following ratios for the company for 2018: (Please keep in mind that when a ratio involves both income statement and balance sheet numbers, the balance sheet numbers for the beginning and end of the year must be averaged.)

What is the inventory turnover ratio , and what is current ratio and quick ratio

The financial statements of Flathead Lake Manufacturing Company are shown below. Income Statement 2018 $ 11,500,000 Sales Cost of Goods Sold 7,250,000 Depreciation Expense 600,000 Gross Profit $ 3,650,000 Selling and Administrative Expenses 2,500,000 EBIT $ 1,150,000 Interest Expense 250,000 Income before Tax $ 900,000 Taxes 315,000 Net Income $ 585,000 Flathead Lake Manufacturing Comparative Balance Sheets 2018 2017 Cash $ 60,000 $ 55,000 Accounts Receivable 750,000 675,000 Inventory 600,000 500,000 Total Current Assets $ 1,410,000 $ 1,230,000 Fixed Assets 2,040,000 1, 420,000 Total Assets $ 3,450,000 $ 2,650,000 Accounts Payable $ 420,000 $ 350,000 Bank Loans 480,000 400,000 Total Current Liabilities $ 900,000 $ 750,000 Long-term Bonds 1,500,000 1,000,000 Total Liabilities $ 2,400,000 $ 1,750,000 Common Stock (200,000 shares) 200,000 200,000 Retainded Earnings 850,000 700,000 Total Equity $ 1,050,000 $ 900,000 Total Liabilities and Equity $ 3,450,000 $ 2,650,000