Richard & James is a multination corporation that manufactures and markets many household products. Last year, sales for the company were $77,000( all amounts in million). The annual report did not disclose the amount of credit sales, so we will assume that 80% of sales were on credit. The average gross profit sales was 50 percent. Additional account balance were.

Ending Beginning

Account receivable (net) $6,700 $5,900

Inventory 6,822 6.305

1. Compute Richard & James receivable turnover ratio and its inventory turnover ratio

Round intermediate calculations to the nearest whole dollar Round your answer to 2 decimal places).

Turnover

a. Account receivable

b. Inventory