Reference no: EM132663457
Selected information from the accounting records of the Blackwood Co. is as follows:
Net A/R at December 31, 2006 P 900,000
Net A/R at December 31, 2007 P1, 000,000
Accounts receivable turnover 5 to 1
Inventories at December 31, 2006 P1, 100,000
Inventories at December 31, 2007 P1, 200,000
Inventory turnover 4 to 1
Problem 1: What was the gross margin for 2007?
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