E13-17 (algo) Computing Turnover Ratios Richards and James is a multinational corporation that money factors in markets mini household products. Last year sales for the company were $74,000 all amounts in millions. The only report did not disclose the amount of credit sales so we will assume that 70% of sales were on credit. The average gross profit on sales was 45% additional account balances were:

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View previous attempt Check my work m. E13-8 (Algo) Computing Turnover Ratios LO 13-3, 13-5 20 points Sales for the year for Victor Company were $1,100,000, 70 percent of which were on credit. The average gross profit on sales was 40 percent. Additional account balances were: Accounts receivable (net) Inventory Ending $50,000 82,000 Beginning $ 63,000 29,000 eBook 100 Hint Required: 1. Compute the turnover for the accounts receivable and inventory. (Round your intermediate calculations and final answers to 2 decimal places.) References Accounts receivable Turnover 13.63 7.93 Inventory 2. Compute the average days to collect receivables, and the average days to sell inventory. (Use 365 days in a year. Round your intermediate calculations and final answers to 2 decimal places.) To collect accounts receivable To sell inventory Days 26.78 46.03 Mc Pro 2 of 5 Mort 2 E13-7 (Algo) Computing Turnover Ratios LO 13-3, 13-5 20 points Richards & James is a multinational corporation that manufactures and markets many household products. Last year, sales for the company were $74,000 (all amounts in millions). The annual report did not disclose the amount of credit sales, so we will assume that 70 percent of sales were on credit. The average gross profit on sales was 45 percent. Additional account balances were: Ending $6,800 6,835 Accounts receivable (net) Inventory Beginning $6,400 6,307 eBook References Required: 1. Compute Richards & James' receivable turnover ratio and its inventory turnover ratio. (Round intermediate calculations to the nearest whole dollar. Round your answers to 2 decimal places.) Accounts receivable Inventory Turnover 5.07 7.85 2. How many days does it take for the company to collect its accounts receivable and sell its inventory? (Use 365 days in a year. Round your answers to 2 decimal places.) To collect accounts receivable To sell inventory Days 71.99 46.50 View previous attempt Check my work m. E13-8 (Algo) Computing Turnover Ratios LO 13-3, 13-5 20 points Sales for the year for Victor Company were $1,100,000, 70 percent of which were on credit. The average gross profit on sales was 40 percent. Additional account balances were: Accounts receivable (net) Inventory Ending $50,000 82,000 Beginning $ 63,000 29,000 eBook 100 Hint Required: 1. Compute the turnover for the accounts receivable and inventory. (Round your intermediate calculations and final answers to 2 decimal places.) References Accounts receivable Turnover 13.63 7.93 Inventory 2. Compute the average days to collect receivables, and the average days to sell inventory. (Use 365 days in a year. Round your intermediate calculations and final answers to 2 decimal places.) To collect accounts receivable To sell inventory Days 26.78 46.03 Mc Pro 2 of 5 Mort 2 E13-7 (Algo) Computing Turnover Ratios LO 13-3, 13-5 20 points Richards & James is a multinational corporation that manufactures and markets many household products. Last year, sales for the company were $74,000 (all amounts in millions). The annual report did not disclose the amount of credit sales, so we will assume that 70 percent of sales were on credit. The average gross profit on sales was 45 percent. Additional account balances were: Ending $6,800 6,835 Accounts receivable (net) Inventory Beginning $6,400 6,307 eBook References Required: 1. Compute Richards & James' receivable turnover ratio and its inventory turnover ratio. (Round intermediate calculations to the nearest whole dollar. Round your answers to 2 decimal places.) Accounts receivable Inventory Turnover 5.07 7.85 2. How many days does it take for the company to collect its accounts receivable and sell its inventory? (Use 365 days in a year. Round your answers to 2 decimal places.) To collect accounts receivable To sell inventory Days 71.99 46.50