Q2. (15 marks) The following data were taken from the financial records of Pulchritude Company (know

Q2. (15 marks) The following data were taken from the financial records of Pulchritude Company (known for selling beautiful wares!): A/R at December 31, 2013 A/R at December 31, 2014 $ 900,000 $1,000,000 A/R turnover 5 to 1 – $1,100,000 $1,200,000 Inventories at December 31, 2013 Inventories at December 31, 2014 Inventory turnover Required: 4 to 1 a. What was Pulchritude's gross profit for 2014? (7 marks) 0. Suppose that there are 360 business days in the year. Determine the number of A/R days and Inventory days. (8 marks)

 

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