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Phelps Piping Company manufactures PVC pipe. The company has provided the following selected ...

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Phelps Piping Company manufactures PVC pipe. The company has provided the following selected ...

Phelps Piping Company manufactures PVC pipe. The company has provided the following selected financial information:

2020

2021

Accounts receivable	$ 70,000	$ 50,000
Inventory	80,000	70,000
Total current assets	220,000	250,000
Total assets	580,000	460,000
Current liabilities	40,000	30,000
Total liabilities	150,000	207,000
Net credit sales	360,000	420,000
Cost of goods sold	270,000	315,000
Net income	56,000	62,000

Required:

a.	What is Phelps' average days to sell inventory for 2021?

b.	What is Phelps' debt ratio for 2021?

Textbook

Managerial Accounting

Edition: 4^th

Author: Davis

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