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The following information was available for the year ended December 31, 2019: Net sales $748,250 Cost of goods sold 587,650 Average accounts receivable for
The following information was available for the year ended December 31, 2019: Net sales $748,250 Cost of goods sold 587,650 Average accounts receivable for the year 37,400 Accounts receivable at year-end 31,800 Average inventory for the year Inventory at year-end 150,000 156,975 Required: a. Calculate the inventory turnover for 2019. (Round your answer to 2 decimal places.) b. Calculate the number of days' sales in inventory for 2019, using year-end inventories. (Use 365 days a year. Round your answer to 1 decimal place.) c. Calculate the accounts receivable turnover for 2019. (Round your answer to 1 decimal place.) d. Calculate the number of days' sales in accounts receivable for 2019, using year-end accounts receivable. (Use 365 days a year. Round your answer to 1 decimal place.) a Inventory turnover b. Number of days' sales in Inventory times days C. Accounts receivable turnover times d Number of days' sales in accounts receivable days 13
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