Procter & Gamble is a multinational corporation that manufactures and markets many products that you use every day. In 2017, assume that sales for the company were $84,503 (all amounts in millions) and that all sales were on credit. The average gross profit percentage was 51.4 percent. Account balances are as followws: Accounts receivable (net) Inventory Beginning $ 6,861 8,516 Ending $6,529 6,719 Required: 1. Compute the turnover ratios for accounts receivable and inventory. (Round your answers to 1 decimal place.) Receivables tumover ratio 12.6 times Inventory turmover ratio times

Procter & Gamble is a multinational corporation that manufactures and markets many products that you use every day. In 2017, assume that sales for the company were $84,503 (all amounts in millions) and that all sales were on credit. The average gross profit percentage was 51.4 percent. Account balances are as followws: Accounts receivable (net) Inventory Beginning $ 6,861 8,516 Ending $6,529 6,719 Required: 1. Compute the turnover ratios for accounts receivable and inventory. (Round your answers to 1 decimal place.) Receivables tumover ratio 12.6 times Inventory turmover ratio times

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter3: Evaluation Of Financial Performance

Section: Chapter Questions

Problem 14P

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