QUESTION 1 Beginning raw materials inventory for the Rogers Company is 57000. Ending raw materials inventory is $3500. Raw materials purchases during the period were 594,000. Calculated direct material used during the year. $101.000 $97,500 53.500 594,000 . Use the following information to calculate the Debt to Equity ratio. The following year-end amounts are taken from the financial statements of the Cherokee Drive-In. Income Statement FYE 12/31/20 Sales Cost of goods sold Gross Profit Operating Expenses Net Income 1,262,000 944,400 317,600 222,400 95,200 Balance Sheet As of 12/31/20 Cash Short Term Investments Accounts Receivable Inventory Plant A sets 24,400 27,600 60,400 54,000 303.600 Accounts Payable 46,000 Wages Payable 13,200 Income Taxes Payable 10,400 Long term Notes Payable 120,000 Common Stock 140,000 Retained Earnings 140,400 Total Asset 470,000 Total Liab & OE 470.000 Selected balance sheet amounts at 12/31/19: Total Assets 379,600 Common Stock 140,000 Retained Earnings 75,200