Selected information taken from the accounting records of Vigor Company follows:

Required:
1. What was Vigor’s gross margin for 2008?
2. Suppose that there are 360 business days in the year. What were the number of days sales outstanding in average receivables and the number of days sales outstanding in average inventories, respectively, for 2008?

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Net accounts receivable at December 31, 2007 Net accounts receivable at December 31, 2008 Accounts receivable turnover $ 900,000 $1,000,000 5 to 1 Inventories at December 31, 2007 Inventories at December 31, 2008 Inventory turnover $1,100,000 $1,200,000 4 to 1