(Answered) Turnover ratios for accounts receivable and inventorykens

Accounting

Turnover Ratios for Accounts Receivable and Inventory

Ken's and Den's Recreational Products,Inc., reports the following information in its 2000 financial statements:

	Balance (dollars in millions)
	January 1, 2000	December 31, 2000
Accounts receivable (gross)	$14	$12
Allowance for uncollectible accounts	1	2
Inventory	20	26
During 2000:
Sales		80
Cost of goods sold		55

Required

Determine Ken's and Den's accounts receivable collection period ratio and the number of days' sales in ending inventory during 2000.

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