Use the Cartwright’s Data Set to compute the following:

a. The rate of inventory turnover for 2023.

b. Days’ sales in average receivables during 2023. Assume all sales are on credit.

Data From Cartwright’s Data Set:-

Cartwright’s, a home-improvement store chain, reported these summarized figures:

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1 2 4 3 4 5 6 Sales revenues 7 Less: Cost of goods sold 8 Gross profit 9 Less: Operating expenses 10 Operating income 11 Less: Interest expense 12 Income before income taxes 13 Less: Income tax expense 14 Net income 15 Cartwright's Income Statement For the Year Ended December 31, 2023 B 2023 $ 34,988,900 21,766,030 $ 13,222,870 5,088,250 S 8,134,620 217,800 $ 7,916,820 1,925,750 $ 5,991,070