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Compute the accounts receivable turnover

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Reference no: EM132711131

Question - A company reported the following information for last year.

Sales, $1,081,600 (all on account)

Cost of goods sold, $633,600

Gross profit, $448,000

Accounts receivable, beginning of year, $94,000

Accounts receivable, end of year, $114,000

Merchandise inventory, beginning of year, $59,000

Merchandise inventory, end of year, $69,000.

Required - Based on these balances, compute

1. The accounts receivable turnover.

2. The inventory turnover.

Reference no: EM132711131

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