**Answer:**

The cost of goods sold for the company is **$2,005,830**.

**Explanation:**

This can be calculated from the available information using the following steps:

<u>**Step 1: Calculation of Current Assets**</u>

To do this, we use the current ratio formula as follows:

Current ratio = Current Assets / Current Liabilities

Substituting the values in the question into the equation above and **solve for Current Assets**, we have:

1.5 = Current Assets / $510,000

Current Assets = $510,000 * 1.5 = $765,000

<u>**Step 2: Calculation of Inventory**</u>

To do this, we use the Quick Ratio formula as follows:

Quick ratio = (Current Assets - Inventory) / Current Liabilities

Substituting the values in the question and from Step 1 into the equation above and **solve for Inventory**, we have:

0.93 = ($765,000 - Inventory) / $510,000

0.93 * $510,000 = $765,000 - Inventory

$474,300 = $765,000 - Inventory

$474,300 + Inventory = $765,000

Inventory = $765,000 - 474,300 = $290,700

**Note** that this inventory of $290,700 is the **ending inventory**.

<u>**Step 3: Calculation of Cost of Goods Sold**</u>

To do this, we use the Inventory Turnover formula as follows:

Inventory turnover = Cost of goods sold / Average Inventory

**Note** that average Average Inventory is the addition of the beginning and closing inventory divided by 2. But since the beginning inventory is not available, the practice is to **use the ending inventory in place of the average inventory**. This is what we do here below.

Substituting the values in the question and from Step 2 into the equation above and **solve for Cost of goods sold**, we have:

6.9 = Cost of goods sold / $290,700

Cost of goods sold = 6.9 * $290,7000 = $2,005,830

Therefore, the cost of goods sold for the company is **$2,005,830**.