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Compute turnover for the accounts receivable and inventory

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Reference no: EM133117403

Question - 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 40 percent Additional account balances were:

 

Ending

Beginning

Accounts receivable (net)

$50,000

$78,000

Inventory

76,000

40,000

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.

Reference no: EM133117403

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