Sales for the year were 1000000 half of which were on

Reference no: EM13600007

Sales for the year were $1,000,000, half of which were on credit. The average gross profit rate was 50 percent on sales. Account balances follow:

Beginning Ending
Accounts receivable (net) 45,000 60,000
Inventory 70,000 25,000

Required: Compute the turnover for the accounts receivable and inventory, the average age of receivables, and the average days' supply of inventory. Show work.

Reference no: EM13600007

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Sales for the year were 1000000 half of which were on

Reference no: EM13600007

Reference no: EM13600007

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