The following information was available for the year ended December 31, 2016:Net sales = $365,000Cost of goods sold = 292,000Average accounts receivable for the year = 14,600Accounts receivable at year-end = 16,000Average inventory for the year = 73,000Inventory at year-end = 78,400Required:a. Calculate the inventory turnover for 2016b. Calculate the number of days’ sales in inventory for 2016, using year-end inventoriesc. Calculate the accounts receivable turnover for 2016d. Calculate the number of days’ sales in accounts receivable for 2016, using year-end accounts receivable Net Sales COGSAvg ARAR year end Avg Inventory Inventory year end 36500029200014600160007300078400 Required:abcd 4 times 98 days 25 times16 days
Accounts receivable turnover
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