Intro Sales for the year were $78,000 and cost of goods sold were $62,400. The balance sheet at the end of the year is given below: Assets Cash Accounts receivable Inventory Current assets Machines Real estate Net fixed assets Liabilities and Equity 8,000 Accounts payable 21,000 5,000 Current liabilities 21,000 37,000 Long-term debt 95,000 50,000 Total liabilities 116,000 34,000 Paid-in capital 20,000 80,000 Retained earnings 28,000 114,000 Equity 48,000 164,000 Total liab. & equity 164,000 Total assets Part 1 B Attempt 1/3 for 10 pts. What is the firm's average collection period (days sales outstanding)? 23.4 Correct Average collection period Accounts receivable Average daily sales 5,000 78,000 365 = 23.4 B Attempt 2/3 for 10 pts. Part 2 What is the inventory turnover ratio? + decimals Submit