The following information was taken from the statement of financial position of Blanche Corporation: Cash Accounts Receivable (net) Merchandise Inventory P13,250 33,000 40,000 9,950 25,200 1,800 10,000 Prepaid Expenses Accounts Payable Accrued Payables Notes Payable (due in 6 months) Required: Calculate the working capital, current ratio and quick ratio. Problem #4 Measuring the Ability to Sell Inventory and Collect Receivables Merchandise Inventory: Jan. 1 Dec. 31 Accounts Receivable: Jan. 1 Dec. 31 Cost of Goods Sold Cash Sales Total Sales Gumban's Credit Terms P 245,000 375,000 250,000 297,000 13.258 +33,000 You have been assigned the task of evaluating Gumban, Inc.'s management of merchandise inventory and receivables. You decided that inventory turnover, accounts receivable turnover, and average age of receivables statistics will prove valuable in your analysis. The following data are available from Gumban's annual report: 2,480,000 1,000,000 5,100,000 Net 30 days + 84,250 mikas 29,2:00 Required: 1. Calculate inventory turnover, accounts receivable turnover, and average age receivables. 2. In your opinion, is Gumban doing a good job in managing inventory and receivables? Explain.