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Assume that for the 2017 fiscal year, AstroCo reported sales revenue of $3.6 billion and cost of goods sold of $1.6 billion.
Assume that for the 2017 fiscal year, AstroCo reported sales revenue of $3.6 billion and cost of goods sold of $1.6 billion.
| Fiscal Year | 2017 | 2016 |
| Balance Sheet (in millions) | | | | | | |
| Cash | $ | 72 | | $ | 42 | |
| Accounts Receivable, less allowance of $15 and $15 | | 435 | | | 411 | |
| Inventories | | 242 | | | 230 | |
| Prepaid Expenses | | 20 | | | 15 | |
| Other Current Assets | | 410 | | | 347 | |
| Accounts Payable | | 100 | | | 65 | |
| Wages Payable | | 50 | | | 62 | |
| Income Tax Payable | | 8 | | | 70 | |
| Other Current Liabilities | | 212 | | | 206 |
Compute the inventory turnover ratio and accounts receivable turnover ratio for 2017.
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