Consider the following financial data from the past year for Midwest Outdoor Equipment Corporation. Gross Income $25,240,000
Total Sales 24,324,000
Total Credit Sales 18,785,000
Net Income 2,975,000
Cost of Goods Sold 12,600,000
Total Assets 10,550,000
Average Inventory 2,875,000
Average Receivables 3,445,000
a. Compute the receivable turnover ratio.
b. Compute the inventory turnover ratio.
c. Compute the asset turnover ratio.

Solomon chemical company makes three products, b7, k6, and x9, which are joint products from the same materials. in a standard batch of 320,000 pounds of raw materials, the company generates 70,000 pounds of b7, 150,000 pounds of k6, and 100,000 pounds of x9. a standard batch costs $3,840,000 to produce. the sales prices per pound are $10, $14, and $20 for b7, k6, and x9, respectively. (a) allocate the joint product cost among the three final products using weight as the allocation base. (b) allocate the joint product cost among the three final products using market value as the allocation base. (c) allocate the joint product cost among the three final products using weight as the allocation base.