56% 7:15 Umniah lun. CH 3.1 Homework(2) , 17 is 7 Questions : 5 Asset Utilization Ratios Sales and accounts receivables are valued at the retail selling price. Cost of goods sold, inventory, and accounts payable are valued at the wholesale purchase price When computing turnover rates, we match retail prices with retail prices and wholesale prices with wholesale prices Questions : 5 Asset Utilization Ratios Retail prices: Sales Receivables turnover Accounts receivable Wholesale prices: Inventory turnover Cost of goods sold Inventory Accounts payable turnover Cost of goods sold Accounts payable 7 Questions : 5 Asset Utilization Ratios Firm Z has sales of $927,450, accounts receivable of $34,350, inventory of $48,600, and costs of goods sold of $648,810. Round the answers to two decimal places. What is the inventory turnover rate? How many days does it take sell inventory? What is the accounts receivable turnover rate? How many days does it take to collect a payment from a customer