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Problem - Procter & Gamble is a multinational corporation that manufactures and markets many products that you use every day. In 2017, assume that sales for the company were $85,503 (all amounts in millions) and that all sales were on credit. The average gross profit percentage was 51.5 percent. Account balances are as follows:
Beginning
Ending
Accounts receivable (net)
$6,961
$6,429
Inventory
8,616
6,519
Required -
1. Compute the turnover ratios for accounts receivable and inventory.
2. By dividing 365 by your ratios from part 1, calculate the average days to collect receivables and the average days to sell inventory.
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