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  3. sales for the year for victor company were $1,200,

Sales for the year for Victor Company were $1,200,000, 70 percent of which were on...

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Accounting

Sales for the year for Victor Company were $1,200,000, 70 percent of which were on credit. The average gross profit on sales was 45 percent. Additional account balances were:

Ending Beginning
Accounts receivable (net) $ 61,000 $ 62,000
Inventory 79,000 35,000

Required:

1. Compute the turnover for the accounts receivable and inventory.

2. Compute the average days to collect receivables, and the average days to sell inventory. (Use 365 days in a year. Round your intermediate calculations and final answers to 2 decimal places.)

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