Procter & Gamble is a multinational corporation that manufactures and markets many household products. Last year, sales for the company were $83,062 (all amounts in millions). The annual report did not disclose the amount of credit sales, so we will assume that 90 percent of sales were on credit. The average gross profit on sales was 49 percent. Additional account balances were: Ending $6,386 Beginning $6,508 6,909 Accounts receivable (net) Inventory 6,759 Required: 1. Compute Procter & Gamble's receivable turnover ratio and its inventory turnover ratio. (Round Intermediate calculations to the nearest whole dollar. Round your answers to 2 decimal places.) Turnover Accounts receivable Inventory 2. How many days does it take for the company to collect its accounts recelvable and sell its inventory? |(Use 365 days In a year. Round your answers to 2 decimal places.) Days To collect accounts receivable To sell inventory Assume current assets totaled $49,000 and the current ratio was 1.2 before the following independent transactions: (1) Purchased merchandise for $13,000 on short-term credit (2) Purchased a delivery truck for $31,000. Pald $6,000 cash and signed a two-year interest-bearing note for the balance. Required: Compute the current ratio after each independent transaction. (Round your answers to 2 decimal places.) Transaction Current Ratio (1) (2)