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Selected data from Rundle Company follow Balance Sheets As of December 31 Accounts receivable Allowance for doubtful accounts Net accounts receivable Inventories, lower of cost
Selected data from Rundle Company follow Balance Sheets As of December 31 Accounts receivable Allowance for doubtful accounts Net accounts receivable Inventories, lower of cost or market Year 3 Year 2 $ 397,000 $ 371,000 (19,850) (14,840) $ 377,150 $ 356,160 $ 478,000 $442,000 Income Statement For the Years Ended December 31 Net credit sales Net cash sales Net sales Cost of goods sold Selling, general, and administrative expenses Other expenses Total operating expenses Year 3 $2,012,000 418,000 2,430,000 1,594,000 239,400 39,600 $1,873,000 Year 2 $1,760,000 307.000 2,067,000 1,432,000 215,300 23,402 $1,670, 700 Required a. Compute the accounts receivable turnover for Year 3 b. Compute the inventory turnover for Year 3 c. Compute the net margin for Year 2 (For all requirements, round your answers to 2 decimal places.) times a Accounts receivable turnover b. Inventory tumover c. Net margin times %
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