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Crane Medical manufactures hospital beds and other institutional furniture. The company's comparative balance sheet and income statement for 2019 and 2020 follow. Liabilities and Stockholders'
Crane Medical manufactures hospital beds and other institutional furniture. The company's comparative balance sheet and income statement for 2019 and 2020 follow. Liabilities and Stockholders' Equity Crane Medical Comparative Income Statement and Statement of Retained Earnings For the Year \begin{tabular}{lrc} & 2020 & 2019 \\ Sales revenue (all on account) & $10,177,250 & $9,614,000 \\ Cost of goods sold & 5,611,750 & 5,298,750 \\ \cline { 2 - 2 } \cline { 2 - 2 } profit & 4,565,500 & 4,315,250 \end{tabular} Calculate the following liquidity ratios for 2020. (If working capital is negative then enter with a negative sign preceding the number or parentheses, e.g. 15,000 or (15,000). Round all answers except working capital to 2 decimal places, e.g. 2.55.) Calculate the following liquidity ratios for 2020. (Round average collection period to 0 decimal place, e.g. 25 and inventory turnover ratio to 2 decimal places, e.g. 5.12. Use 365 days for calculation.) a. Average collection period days b. Inventory turnover times (g) Calculate average days to sell inventory for 2020. (Round answer to 0 decimal places, e.g. 25 . Use 365 days for calculation.)
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