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Double west suppliers dws reported sales for the year of

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Double West Suppliers (DWS) reported sales for the year of $360,000, all on credit. The average gross profit percentage was 40 percent on sales. Account balances follow:

 


 Beginning Ending
  Accounts receivable (net) $ 51,000
$ 61,000
  Inventory
67,000

46,000

 

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.

Reference no: EM13482432

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