Procter & Gamble is a multinational corporation that manufactures and markets many household products. Last year, sales for the company were $83,062 (all amounts in millions). The annual report did not disclose the amount of credit sales, so we will assume that 90 percent of sales were on credit. The average gross profit on sales was 49 percent. Additional account balances were: Accounts receivable (net) Inventory Ending Beginning $6,386 $6,508 6,759 6,909 Required: Compute Procter & Gamble's receivables turnover ratio and its inventory tumover ratio. On average, how many days does it take for the company to collect its accounts receivable and sell its inventory? Complete this question by entering your answers in the tabs below

Procter & Gamble is a multinational corporation that manufactures and markets many household products. Last year, sales for the company were $83,062 (all amounts in millions). The annual report did not disclose the amount of credit sales, so we will assume that 90 percent of sales were on credit. The average gross profit on sales was 49 percent. Additional account balances were: Accounts receivable (net) Inventory Ending Beginning $6,386 $6,508 6,759 6,909 Required: Compute Procter & Gamble's receivables turnover ratio and its inventory tumover ratio. On average, how many days does it take for the company to collect its accounts receivable and sell its inventory? Complete this question by entering your answers in the tabs below

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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