Sales for the year were \(\$ 500,000\), of which one-half was on credit. The average gross margin rate was 40 percent on sales. Account balances follow:

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Compute and comment on the turnover for the trade receivables and inventory, the average age of receivables, and the average days' supply of inventory.

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Beginning Ending Trade receivables (net) Inventory $50,000 $60,000 50,000 30,000