Procter & Gamble is a multinational corporation that manufactures and markets many products that are probably in your home. In a recent year, sales for the company were, sales for the company were $$79,497($all amounts in millions of U$.$S$.$ dollars$).$ Assume that $20$ percent of sales were on credit. The average gross margin rate was $55$ percent on sales. Account balances follow:

Beginning Ending

Accounts receivable $($net$)$ $ $7,254$ $ $8,328$

Inventory $6,8565,123$

Required:

$1.$ Compute the turnover ratios for the accounts receivable and inventory. $($Round the final answers to $2$ decimal places.$)$

$2.$ Compute the average days to collect receivables, and the average days to sell inventory. $($Use $365$ days a year. Round the intermediate calculations to $2$ decimal places and the final answers to the nearest whole number.$)$

PrevQuestion $5$ of $8$ Total$5$ of $8$Visit question mapNext