Business, 10.08.2021 02:40 jacks0292

The following information was available for the year ended December 31, 2016: Net sales $ 821,250
Cost of goods sold 602,250
Average accounts receivable for the year 39,100
Accounts receivable at year-end 30,400
Average inventory for the year 166,000
Inventory at year-end 157,575
Required:
a. Calculate the inventory turnover for 2016. (Round your answer to 2 decimal places.)
b. Calculate the number of days' sales in inventory for 2016, using year-end inventories. (Use 365 days a year. Round your answer to 1 decimal place.)
c. Calculate the accounts receivable turnover for 2016. (Round your answer to 1 decimal place.)
d. Calculate the number of days' sales in accounts receivable for 2016, using year-end accounts receivable. (Use 365 days a year. Round your answer to 1 decimal place.)

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The following information was available for the year ended December 31, 2016: Net sales $ 821,250 <...

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