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Novak Supply Corporation has issued common stock only. The company has a gross profit rate of 20%. The information shown below was taken from
Novak Supply Corporation has issued common stock only. The company has a gross profit rate of 20%. The information shown below was taken from the company's financial statements: Beginning inventory $448,600 Purchases 3,504,400 Ending inventory ? Average accounts receivable 655,000 Average common stockholders' equity 3,020,000 Sales revenue (all on credit) 4,585,000 Net income 392,600 Compute the following: Accounts receivable turnover and the average number of days required to collect the accounts receivable. (Round answers to 1 decimal place, e.g. 52.7.) Accounts receivable turnover Average collection period eTextbook and Media times days The ending inventory, inventory turnover and the average days in inventory. Ending inventory Inventory turnover (Round to 1 decimal place, e.g. 25.2.) times
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