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B-16.03 Stanley Corporation has no material problem with uncollectible accounts or obsolete inventory. All sales and purchases are on account. The company provided the following information for the year ending 20X7: Total sales $ Beginning accounts receivable Total purchases of inventory Beginning inventory 2,600,000 700,000 1,800,000 50,000 Collections on accounts receivable 2,400,000 Payments on accounts payable 1,850,000 Cost of goods sold 1,775,000 (a) Calculate the "accounts receivable turnover ratio." (b) Calculate the "inventory turnover ratio." (c) If Stanley's competitors have a receivables turnover ratio of "6" and an inventory turnover ratio of "4," would you initially conclude that Stanley is better or worse than its competitors in managing receivables and inventory? Name: Date: Section: (a) Accounts Receivable Turnover Ratio = Net Credit Sales/Average Net Accounts Receivable = (b) Inventory Turnover Ratio = Cost of Goods Sold/Average Inventory = (c) B-16.03