Question 8 Flite Corporation has issued common stock only. The company has been successful and has a gross profit rate of 20%. The information shown below was taken from the company's financial statements. Beginning inventory $ 482,000 Purchases 4,036,000 Ending inventory ? Average accounts receivable 800,000 Average common stockholders' equity 3,500,000 Sales (all on credit) 5,000,000 Net income 385,000 Compute the following: Accounts receivable turnover and the average collection period. (Round answers to 2 decimal places, e.g. 52.75.) Accounts receivable turnover times Average collection period days Inventory turnover and the days in inventory. (Round answers to 1 decimal place, e.g. 52.7.) Inventory turnover times Days in Inventory days Return on common stockholders' equity. Return on common stockholders' equity % Click if you would like to Show Work for this question: Open Show Work