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Solomon Company reports the following in its most recent year of operations: Sales, $1,081,600 (all on account) .Cost of good

Required a Required b The accounts receivable turnover. Accounts Receivable Turnover Accounts Receivable Choose Numerator Cho

Complete this question entering your answers in the tabs below. Required a Required b The inventory turnover. Inventory Turno

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Answer #1

Required a

Sales / Average accounts receivable = Accounts receivable turnover

$1,081,600 / [($94,000+$114,000)/2] = 10.4 times

Required b

Cost of goods sold / Average inventory = Inventory turnover

$633,600 / [($59,000+$69,000)/2] = 9.9 times

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