Sales for the year for Victor Company were $1,200,000, 70 percent of which were on...
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Accounting
Sales for the year for Victor Company were $1,200,000, 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) | $ | 61,000 | $ | 62,000 | ||
| Inventory | 79,000 | 35,000 | ||||
|
Required: 1. Compute the turnover for the accounts receivable and inventory. 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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