Profitability Ratios

Bryce Company manufactures pet supplies. However, Bryce's electronic accounting system recently crashed and, unfortunately, only a partial recovery of the company's year-end accounting records (which included several profitability ratios) was possible. As a result, Bryce's controller, a bright young CMA named Jeanette, must compute various lost financial account balances using the recovered information listed below.

Long-term liabilities $1,500,000 Ending inventory is the same as beginning inventory. Gross margin $2,500,000 Net sales $7,700,000 Accounts receivable turnover 30 Ending accounts receivable is the same as beginning accounts receivable. Total liabilities $1,800,000 Current ratio 4 Cash $570,000 Quick ratio 3.5 Inventory turnover in days 3.65 Required:

Assume 365 days per year. 4. Calculate marketable securities. Round your answer to the nearest whole dollar, if required. 5. Calculate average inventory.