Paul & Griffon manufactures and markets many products you use every day. In 2016, sales...
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Accounting
Paul & Griffon manufactures and markets many products you use every day. In 2016, sales for the company were $92,000 (all amounts in millions). The annual report did not report the amount of credit sales, so we will assume that all sales were on credit. The average gross profit percentage was 51.0 percent. Account balances for the year follow: Beginning $5,500 6,280 Ending $5,900 6,300 Accounts receivable (net) Inventory Required: 1. Compute the following turnover ratios. 2. By dividing 365 by your ratios from requirement 1, calculate the average days to collect receivables and the average days to sell Inventory. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the following turnover ratios. (Do not round intermediate calculations. Round your final answers to 1 decimal place.) Receivables Turnover Ratio Inventory Turnover Ratio 6 of 7
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