Fortune Stationers is open 250 days each year and last year achieved sales of $9 million with a gross profit of 60% of sales. At the end of the year, Fortune's statement of financial position showed

Calculate

(a) the days’ sales outstanding,

(b) inventory turnover,

(c) days’ inventory held, and

(d) days’ purchases outstanding.

Transcribed Image Text:

Accounts receivable Inventory Accounts payable $1,200,000 450,000 1,400,000