Question: E13-7 (Algo) Computing Turnover Ratios LO 13-3, 13-5 Richards & James is a multinational corporation that manufactures and markets many household products. Last year, sales

E13-7 (Algo) Computing Turnover Ratios LO 13-3, 13-5 Richards & James is a multinational corporation that manufactures and markets many household products. Last year, sales for the company were $77,000 (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 43 percent. Additional account balances were:

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