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Sales for the year for Victor Company were $1,000,000, 70 percent of which were on credit. The average gross profit on sales was 45 percent.

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Sales for the year for Victor Company were $1,000,000, 70 percent of which were on credit. The average gross profit on sales was 45 percent. Additional account balances were: Accounts receivable (net) Inventory Ending 554,000 75,000 Beginning $70,000 25,000 Required: 1. Compute the turnover for the accounts receivable and inventory. (Round your intermediate calculations and final answers to 2 decimal places.) Turnover Accounts receivable Inventory 2. Compute the average days to collect receivables, and the average days to sell inventory. (Use 365 days in a year. Round your intermediate calculations and final answers to 2 decimal places.) Days To collect accounts receivable To sell inventory

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