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E13-8 (Algo) Computing Turnover Ratios LO 13-3, 13-5 Sales for the year for Victor Company were $1,100,000, 70 percent of which were on credit. The

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E13-8 (Algo) Computing Turnover Ratios LO 13-3, 13-5 Sales for the year for Victor Company were $1,100,000, 70 percent of which were on credit. The average gross profit on sales was 40 percent. Additional account balances were: Accounts receivable (net) Inventory Ending $50,000 87,000 Beginning $75,000 31,000 Required: 1. Compute the turnover for the accounts receivable and inventory. (Round your intermediate calculations and final answers to 2 decimal places.) Turnover Accounts receivable Inventory 2. Compute the average days to collect receivables, and the average days to sell inventory. (Use 365 days in a year. Round your Intermediate calculations and final answers to 2 decimal places.) Days To collect accounts receivable To sell inventory

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