The following information was taken from the records of Dallen Company for the year 2004: Salesian ard Sear, ene en cia tic $600,000 Beginning inventory.............. 114,000 LCNGHIMNG) (MMENMOIV. «nc coe hoo ane eee 87,000 Beginning accounts receivable ...... 68,000 Average collection period.......... 44 days Beginning accounts payable........ 36,000 ‘ Ending accounts payable .......... 42,000 Gross profit percentage............ 37% Compute the number of days’ sales in inventory. Compute the ending balance in Accounts Receivable. Compute the number of days’ purchases in accounts payable. How many days elapse, on average, between the time Dallen must pay its suppliers for inventory purchases and the time Dallen collects cash from its customers for the sale of Bae that same purchased inventory? 5. Repeat the computations in (1), (2), (3), and (4) using the end-of-year balance sheet balances rather than the average balances.