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Grunewald Industries sells on terms of 2 / 1 0 , net 6 0 . Gross sales last year were $ 4 , 7 0
Grunewald Industries sells on terms of net Gross sales last year were $ and accounts receivable averaged $ Half of Grunewald's customers paid on the th day and took discounts. What are the nominal and effective costs of trade credit to Grunewald's nondiscount customers? Hint: Calculate daily sales based on a day year, calculate the average receivables for discount customers, and then find the DSO for the nondiscount customers. Do not round intermediate calculations. Round your answers to two decimal places
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