Required information [The following information applies to the questions displayed below.) 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 1.20 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. $ 25 (a) 143 Current assets other than inventory Inventory Other (noncurrent) assets $ (b) $ 45 Total assete Current liabilities Other (noneurrent) liabilities Stockholders' equity 50 (d) $ (c) Total liabilities and stockholders equity You ask the former loans manager to find amounts for (a). (b). (4. and (d) assuming the company began the year with 3 units of inventory at a unit cost of $10, then purchased 6 units at a cost of $11 each, and finally purchased 4 units at a cost of $15 each. A year-end inventory count determined that 2 units are on hand. 3. Determine the amount for (a) using LIFO, and then calculate (b) through (d). Amount Inventory Total Assets Total Liabilities and Stockholders' Equity Stockholders' Equity

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