Calculating the accounts receivable turnover and the inventory turnover.
Namala Company reports the following in its most recent year of operations:
• Sales, $1,000,000 (all on account)
• Cost of goods sold, $570,000
• Gross profit, $430,000
• Accounts receivable, beginning of year, $90,000
• Accounts receivable, end of year, $110,000
• Merchandise inventory, beginning of year, $55,000
• Merchandise inventory, end of year, $65,000.
Based on these balances, compute:
a. the accounts receivable turnover
b. the inventory turnover
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