Business, 25.11.2021 07:40 drpharmd1769

Sales for the year for Victor Company were $1,100,000, 70 percent of which were on credit. The average gross profit on sales was 45 percent. Additional account balances were: Ending Beginning Accounts receivable (net) $ 62,000 $ 63,000 Inventory 84,000 26,000 Required: 1. Compute the turnover for the accounts receivable and inventory. (Round your intermediate calculations and final answers to 2 decimal places.) 2. Compute the average days to collect receivables, and the average days to sell inventory. (Use 365 days in a year. Round your intermediate calculations and final answers to 2 decimal places.)

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Sales for the year for Victor Company were $1,100,000, 70 percent of which were on credit. The avera...

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