Sales for the year for Victor Company were $1,100,000, 70 percent of which were on credit. The average gross profit on sales was 45 percent. Additional account balances were: Ending Beginning Accounts receivable (net) $ 62,000 $ 63,000 Inventory 84,000 26,000 Required: 1. Compute the turnover for the accounts receivable and inventory. (Round your intermediate calculations and final answers to 2 decimal places.) 2. Compute the average days to collect receivables, and the average days to sell inventory. (Use 365 days in a year. Round your intermediate calculations and final answers to 2 decimal places.)

Frost corporation incurred the following transactions during its first year of operations. (assume all transactions involve cash.) 1) acquired $1,900 of capital from the owners. 2) purchased $435 of direct raw materials. 3) used $290 of these direct raw materials in the production process. 4) paid production workers $490 cash. 5) paid $290 for manufacturing overhead (applied and actual overhead are the same). 6) started and completed 250 units of inventory. 7) sold 140 units at a price of $6 each. 8) paid $130 for selling and administrative expenses. the amount of raw material inventory on the balance sheet at the end of the accounting period would be: