CASE 3 Queen Corp 1 to 3 Consider the following data for Queen Corporation at the end of 1999. Cash P 35,000 CGS P1,600,000 A/R 91,000 NIAT 166,400 Prepaid Rent 4,000 Inventory Turnover 5 times Land 90,000 Collection Period 25 days A/P 105,000 360 days in a year, all sales on credit 1. How much are the credit sales for the year? Collection period is the Days Receivables. 2. How much is the ending inventory at the end of 1999? 3. What is the asset turnover rate? Asset Turnover rate = Sales / Total Assets