1) The financial statements of the Pina Colada Corp. report net sales of $334650 and accounts receivable of $65000 and $32000 at the beginning of the year and the end of the year, respectively. What is the accounts receivable turnover for Pina?

3.5 times

9.9 times

6.9 times

5.5 times

2)

Pina Colada Corp. has the following inventory data:

July 1		Beginning inventory		108 units at $19		$2052
7		Purchases		378 units at $20		7560
22		Purchases		54 units at $22		1188
						$10800

A physical count of merchandise inventory on July 30 reveals that there are 180 units on hand. Using the FIFO inventory method, the amount allocated to ending inventory for July is

$3492.

$3960.

$3708.

$3600.