Instruction: Solve the following. Show complete and neat solution. Use the following information that was obtained from the 2011 and 2010 financial statements of James Company, Norris Corporation, and Zorro Company to answer the questions that follow: (In millions) James Norris Zorro Accounts receivable 12/31/11 P 33,000 P 22.000 P 41,500 12/31/10 30,000 12,800 42,600 Inventory 12/31/11 22,600 12,600 54,200 12/31/10 23,900 32,800 44,000 Net sales (Credit) 2011 620,000 320,000 510,000 2010 610,000 310.000 760,000 Cost of goods sold 2011 211,000 406.000 311,000 2010 156,000 200.000 310.000 Refer to the table and answer the following: 1.-3. Compute the accounts receivable turnover ratio for each company for 2011 4. Which company appears to have the best liquidity position based solely on the accounts receivable turnover? 5.-7. Compute the number of days inventory is held before being sold for each company for 2011 8. Which company appears to have the best liquidity position based solely on the inventory analysis? 2009 P550,000 Compute the percentage for Gross Profit in 2011 using: 9.2008 as the base year 10. Net Sales in the same year as the base amount Item 2011 2010 Net Sales P800,000 P700.000 Cost of Goods Sold 560,000 500.000 Gross Profit P240.000 P200,000 2008 P500,000 400,000 P100,000 420.000 P130,000