Question 4 Assets Cash $ 32,000 Accounts receivable in Inventory Property, plants and equipment net 300.000 $ 450,000 Liabilities and Stockholders' Equity Accounts payable (trade) Income taxes payable current Long-term debt Common stock Retained earnings 32,000 306,000 ? 5.2 Additional Information Current ratio lat year end) Total abilities Total stockholders' equity Gross margin percentage Inventory turnover (Cost of goods sold Ending Inventory) Gross margin 1.5 to 1.0 BO % 30 %6 11.2 times $ 375,000 Calculate the Inventory based on this information. Assume that the level of inventory did not change from last year