Use the Cartwright's Data Set to compute the following:
Cartwright's, a home-improvement store chain, reported these summarized figures:

a. The rate of inventory turnover for 2017.
b. Days' sales in average receivables during 2017. Assume all sales are on credit.

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Cartwright's Income Statement For the Year Ended December 31, 2017 1. 2017 34,988,900 21,766,030 13,222,870 5,088,250 8,134,620 217,800 7,916,820 1,925,750 5,991,070 6 Sales revenues Less: Cost of goods sold Gross profit 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 Balance Sheets December 31, 2017 and 2016 2017 2016 6. Assets Current assets: 8 Cash 9 Short-term Investments 10 Accounts recelvable 11 Inventory 12 Other current assets Total current assets 1,200,000 S 203,200 100,800 4,676,000 508,000 6,688,000 $ 11,437,000 18,125,000 S 2$ 810,000 260,000 378,500 4,190,000 409,500 6,048,000 11,620,000 17,668,000 13 14 Other noncurrent assets 15 Total assets 16 17 18 Current labilitles: 19 Accounts payable 20 Notes payable 21 Accrued llabilitles 22 23 Long-term liabilitles 24 Total llabilitles 25 26 27 Common stock, no par 28 Retalned earnings 29 Total stockholders' equity Llablitles 3,400,000 S 890,000 110,000 4,400,000 $ 4,300,000 8,700,000 S 2,750,000 655,000 195,000 3,600,000 4,216,000 7,816,000 Total current liabilitles Stockholders' equlty 2,502,000 $ 6,923,000 9,425,000 S 2,000,000 7,852,000 9,852,000 30 31 Total llabilitles and equity 32 18,125,000 S 17,668,000