1.

Accounts Receivable Turnover and Average Collection Period The Longo Corporation disclosed the following financial information (in millions) in its recent annual report:

	2012	2013
Net Sales	$108,096	$122,692
Beginning Accounts Receivable (net)	7,896	7,796
Ending Accounts Receivable (net)	7,796	7,598

a) Calculate the accounts receivable turnover ratio for both years. (Round your answer to two decimal points.)

b) Calculate the average collection period for both years. (Use 365 days for calculation. Round to the nearest whole number.)

c) Is the company's accounts receivable management improving or deteriorating

2.

Inventory Costing Methods-Periodic Method The following information is for the Bloom Company for 2012; the company sells just one product:

		Units	Unit Cost
Beginning Inventory	Jan. 1	200	$11
Purchases:	Feb. 11	500	$15
	May 18	400	17
	Oct. 23	100	21
Sales:	March 1	400
	July 1	400

Calculate the value of ending inventory and cost of goods sold using the periodic method and (a) first-in, first-out, (b) last-in, first-out, and (c) weighted-average cost method.

Do not round until your final answers. Round your final answers to the nearest dollar