RECOMMENDED!!ACC 330-Richards & James is a multinational corporation

  

Richards & James is a multinational corporation that manufactures and markets many household products. Last year, sales for the company were $76,484 (all amounts in millions). The annual report did not disclose the amount of credit sales, so we will assume that 80 percent of sales were on credit. The average gross profit on sales was 45 percent. Additional account balances were: Ending BeginningAccounts receivable (net)$6,637 $5,730Inventory 6,825 6,295Required:1.Compute Richards & James receivable turnover ratio and its inventory turnover ratio. (Round intermediate calculations to the nearest whole dollar and your final answers to 2 decimal places.)2.How many days does it take for the Company to collect its accounts receivable and sell its inventory. (Use 365 days in a year. Round your answers to 2 decimal places.)

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