48 Using the information provided, what is the inventory turnover for the firm? wered 0 1.00 Perfect Purchase Electronics Selected Income Statement Items, 2014 Cash Sales $1,500,000 Credit Sales $7.500.000 Total Sales $9,000,000 COGS $6.000.000 Perfect Purchase Electronics Selected Balance Sheet Accounts 12/31/2014 12/31/2013 Change Accounts Receivable $270,000 $240.000 $30,000 Inventory $125,000 $100,000 $25,000 Accounts Payable $110.000 S90.000 $20.000 Select one: a a. 48.00 times b. 60.00 times c. 53.33 times a d. 23.53 times 49 Cash customers generally provide for a shorter cash conversion cycle than do credit customers in part because there is no additional collection cycle for the cash customers as there is with credit customers. wered of 1.00 Select one: O a. True b. False 50 Issuers of commercial paper usually maintain lines of credit with banks to back up their short-term financing needs. wered Select one of 1.00