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Cito's Corp. has current assets of $4.5 million and current liabilities of $3.6 million. The current ratio is 1.25, and the quick ratio is 0.75. How much does Cito have invested in inventory (in millions)? $0.8 $2.4 $2.9 $1.8

Cito's Corp. has current assets of $4.5 million and current liabilities of $3.6 million. The current ratio is 1.25, and the quick ratio is 0.75. How much does Cito have invested in inventory (in millions)? $0.8 $2.4 $2.9 $1.8

Intermediate Financial Management (MindTap Course List)
Intermediate Financial Management (MindTap Course List)
13th Edition
ISBN:9781337395083
Author:Eugene F. Brigham, Phillip R. Daves
Publisher:Eugene F. Brigham, Phillip R. Daves
Chapter7: Analysis Of Financial Statements
Section: Chapter Questions
Problem 7P: Ace Industries has current assets equal to 3 million. The companys current ratio is 1.5, and its...
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Cito's Corp. has current assets of $4.5 million and current liabilities of $3.6 million. The current ratio is 1.25, and the quick ratio is 0.75. How much does Cito have invested in inventory (in millions)? $0.8 $2.4 $2.9 $1.8
Transcribed Image Text:Cito's Corp. has current assets of $4.5 million and current liabilities of $3.6 million. The current ratio is 1.25, and the quick ratio is 0.75. How much does Cito have invested in inventory (in millions)? $0.8 $2.4 $2.9 $1.8
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