Question 39 Financial statement information follows as of the end of each year. Inventory Total current assets Total assets Current liabilities Total liabilities 2021 $ 54,000 81,000 382,000 27,000 102,000 2020 $ 48,000 106,000 326,000 36,000 88,000 Compute the current ratio for 2021. O .80:1. O O 3.0:1 3.75:1. O 1.26:1. Question 42 Waterway's standard quantities for 1 unit of product include 2 pounds of materials and 1.5 labor hours. The standard rates are $5 per pound and $7 per hour. The standard overhead rate is $8 per direct labor hour. The total standard cost of Waterway's product is O $32.50. O $20.00. $22.50. $20.50. O Question 43 Walker Clothing Store had a balance in the Accounts Receivable account of $780,000 at the beginning of the year and a balance of $820,000 at the end of the year. Net credit sales during the year amounted to $8,000,000. The average collection period of the receivables in terms of days was O 30 days. 37 days. 365 days. O O 10 days