Luster Company has current assets of $130,000 and current liabilities of $80,000, of which… 1 answer below »

Luster Company has current assets of $130,000 andcurrent liabilities of $80,000, of which accounts payable are $70,000. Luster's cost of goods sold is $460,000, its merchandise inventory increased by $20,000, and accounts payable were $50,000 the prior year.