Question: Calculate the receivables turnover inventory turnover and average collection period
Calculate the receivables turnover, inventory turnover, and average collection period for a firm, given the following accounting data: accounts receivable are $500,000; accounts payable are $305,000; inventory is $650,000; gross profit is $550,000; sales are $950,000. Interpret the receivables turnover, inventory turnover, and the average collection period.
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