w You have been given responsibility for overseeing a bank's small business loans division. The bank has included loan covenants requiring a minimum current ratio of 1.60 in all small business loans. When you ask which inventory costing method the covenant assumes, the previous loans manager gives you a blank look. To explain to him that a company's inventory costing method is important, you present the following balance sheet information. Current assets other than inventory Inventory Other (noncurrent) assets $ 33 (a) 149. $ (b) Total assets Current liabilities $ 52 Other (noncurrent) liabilities 67 Stockholders' equity (d) Total liabilities and stockholders' equity' $ (c) You ask the former loans manager to find amounts for (a), (b), (c), and (d) assuming the company began the year with 4 units of inventory at a unit cost of $13, then purchased 7 units at a cost of $14 each, and finally purchased 5 units at a cost of $18 each. A year-end inventory count determined that 3 units are on hand. 3. Determine the amount for (a) using LIFO, and then calculate (b) through (d). Inventory Total Assets Total Liabilities and Stockholders' Equity Stockholders' Equity Amount < Prev S- 3 4 5 of 6 Next >