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Solomon Company reports the following in its most recent year of operations: Net sales, $1,321,600 (all on account) Cost of goods sold, $717,600 Gross profit,
Solomon Company reports the following in its most recent year of operations: Net sales, $1,321,600 (all on account) Cost of goods sold, $717,600 Gross profit, $604,000 Accounts receivable, beginning of year, $108,000 Accounts receivable, end of year, $128,000 Merchandise inventory, beginning of year, $73,000 Merchandise inventory, end of year, $83,000. . Based on these balances, compute: a. The accounts receivable turnover. b. The average collection period. c. The inventory turnover. d. The average number of days in inventory. Required a Required b Required c Required d The accounts receivable turnover. Accounts Receivable Turnover Choose Numerator Choose Denominator Accounts Receivable Turnover : Required a Required b Required c Required d The average collection period. (Assume 365 days a year.) Average Collection Period Choose Numerator Choose Denominator Average Collection Period Required a Required b Required c Required d The inventory turnover. Inventory Turnover Choose Numerator Choose Denominator Inventory Turnover = Required a Required b Required c Required d The average number of days in inventory. (Assume 365 days a year.) Average Days in Inventory Choose Denominator Average Days in Inventory Choose Numerator
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