Determine the receivables turnover ratio and average days in sales.

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Chapter 6, Problem 25E

1.

To determine

Determine the receivables turnover ratio and average days in sales.

2.

To determine

Explain the meaning of each number.

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On March 1, 2019, Annapolis Company has a beginning Work in Process inventory of zero. All materials are added into production at the beginning of its production. There is only one production WIP inventory. During the month, 27,000 units were started. At the end of the month, all started units were 50% complete with respect to conversion. Direct Materials placed into production had a total cost of $375,000 and the total conversion cost for the month was $313,000. Annapolis uses the weighted-average process costing method. Use this information to determine the cost per equivalent unit of conversion for the month of March. (Round the answer to the nearest cent.)