You are trying to put together the financial statements of Mont- gomery Shoe Company, but seem to be missing its balance sheet. However, you have Montgomery Shoe's income statement, which shows sales last year of $180 million with a gross profit margin of 40 percent. You also know that credit sales contributed two-thirds of their total revenues last year. In addition, Montgomery Shoe had a collection period of 45 days, a payables period of 60 days, and inven- tory turnover of 10 times based on cost of goods sold. Calculate the year-ending balance for accounts receivable, inventory, and accounts payable for Montgomery Shoe Company.

AppendixLO1