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W. Tsang Electronics reports the following in its most recent year of operations: Net sales, $1,910,500 (all on account) Cost of goods sold, $977,500 Gross
W. Tsang Electronics reports the following in its most recent year of operations: Net sales, $1,910,500 (all on account) Cost of goods sold, $977,500 Gross profit, $933,000 Accounts receivable, beginning of year, $220,000 Accounts receivable, end of year, $270,000 Merchandise inventory, beginning of year, $110,000 Merchandise inventory, end of year, $130,000. Based on these balances, compute: The accounts receivable turnover. The average collection period. The inventory turnover. The average number of days in inventory
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