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Procter & Gamble is a multinational corporation that manufactures and markets many products that are probably in your home. Last year, sales for the

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Procter & Gamble is a multinational corporation that manufactures and markets many products that are probably in your home. Last year, sales for the company were $76,483 (all amounts in millions). The annual report did not disclose the amount of credit sales, so we will assume that 80 percent of sales were on credit. The average gross profit rate was 52 percent on sales. Account balances follow: Beginning Ending Accounts receivable 5,731 $ 6,636 $ (net) 6,299 Inventory 6,825 Required: 1. Compute the turnover for the accounts receivable and inventory. (Round your answers to 1 decimal place.) Accounts receivable Inventory Turnover

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