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Current Attempt in Progress The 2020 and 2021 partial balance sheets for Wildhorse Manufacturing Company appear below along with selected financial information: 2020 2021
Current Attempt in Progress The 2020 and 2021 partial balance sheets for Wildhorse Manufacturing Company appear below along with selected financial information: 2020 2021 Current Assets Cash $27,000 $26,000 Accounts receivable, net 32.000 30,000 Inventory 41.000 45,000 Total current assets 100,000 101000 Plant & equipment, net 71,000 $1,000 Total assets 171.000 152,000 Net credit sales $141,000 $132,060 Cost of goods sold 110.000 91160 Gross profit $31,000 $40,900 (a) Your answer is correct. Calculate Wildhorse's inventory turnover and average days to sell inventory for 2021. (Round inventory turnover to 2 decimal places eg. 52.75 and average days to sell inventory to 1 decimal place, eg. 52.1) 2021 Inventory turnover 2.12 times per year Average days to sell inventory 1722 days (b) Calculate Wildhorse's accounts receivable turnover and average collection period for 2021. (Round accounts receivable turnover to 2 decimal places, eg. 52.75 and average collection period to 1 decimal place, eg 52.1) Accounts receivable turnover Average collection period 2021 times per year days . + >
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