Happy Turtle Transporters Inc. has forecasted sales of $29,000,000 for next year and expects its cost of goods sold (COGS) to remain at 60% of sales. Currently, the firm holds $3,200,000 in inventories, $2,300,000 in accounts receivable, and $2,500,000 in accounts payable. Approximately how long does it take Happy Turtle Transporters to convert its raw materials to its finished products and then to sell those goods? (Note: In all calculations, assume that there are 365 days in a year.) 67.13 days 57.06 days 60.42 days 46.99 days On average, it takes from the time a sale is made until the time cash is collected from customers. Happy Turtle Transporters relles on customer credit when it buys raw materials from its suppliers. On average, it takes purchases materials before it sends cash to its suppliers. after the firm Newtown Co. has a very attractive credit policy, and none of its customers pays in cash when the firm makes a sale. Newtown Co. sells to its customers on credit terms of 2/10, net 30. If a customer bought $200,000 worth of goods and paid the firm cash eight days after the sale, how much cash would Newtown Co. get from the customer? $165,000 $160,000 $170,000 $196,000 If the customer paid off the account after 15 days, Newtown Co. would receive Approximately 40% of Newtown Cos customers take adantage of the discount and pay on the 10th day. The remaining 60% take an average of 35 days to pay off their accounts. What is Newtown Co's days sales outstanding (DSO), or the average collection period? 21.25 days 27.50 days 22.50 days 25.00 days