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Zipper Corporation reported the following condensed income statement for 2015: Sales $5.950,000 Cost of goods sold 4,165,000 $1,785,000 Gross profit Less expenses -1,485.000 Net income

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Zipper Corporation reported the following condensed income statement for 2015: Sales $5.950,000 Cost of goods sold 4,165,000 $1,785,000 Gross profit Less expenses -1,485.000 Net income before taxes $300,000 Less income taxes 120.000 Net income after taxes $180,000 Assume the following: Average inventory Average accounts receivable Average accounts payable $650,000 $1,300,000 $360,000 (Use 365 days a year) Compute the following: (Round answers to 2 decimal places, eg. 52.75.) Inventory turnover 6.4 times Accounts receivable turnover 4.57 times Average number of days to sell an item 57.03 days Average number of days to collect an account receivable 7986 days Number of days in operating cycle 136.89 days

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