Notes to Consolidated Financial Statements ($ in thousands)
Revenue recognition:
Products are sold to customers based on accepted purchase orders which include quantity, sales price and other relevant terms of sale. Revenue, net of applicable provisions for discounts, returns, allowances and certain advertising and promotional costs, is recognized when products are delivered to customers and collectability is reasonably assured. Shipping and handling costs of $45,850, $43,034, and $38,628 in 2011, 2010 and 2009, respectively, are included in selling, marketing and administrative expenses. Accounts receivable are unsecured. Revenues from a major customer aggregated approximately 23.3%, 21.4% and 22.9% of net product sales during the years ended December 31, 2011, 2010 and 2009, respectively.
| SEGMENT AND GEOGRAPHIC INFORMATION: |
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| The Company operates as a single reportable segments encompassing the manufacturing and sale of confectionery products. Its principal manufacturing operations are located in the United States and Canada, and its principal market is in the United States. The Company also manufactures and sells confectionery products in Mexico, and exports products to Canada and countries worldwide. |
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| The following geographic data includes net product sales summarized on the basis of the customer location and long-lived assets based on their location: |
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| |
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2011 |
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2010 |
|
2009 |
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| Net product sales: |
|
|
|
|
|
|
|
| United states |
|
$487,185 |
|
$471,714 |
|
$455,517 |
|
| Foreign |
|
41,184 |
|
45,435 |
|
40,075 |
|
| |
|
$528,369 |
|
$517,149 |
|
$495,592 |
|
| Long-lived assets: |
|
|
|
|
|
|
|
| United states |
|
$170,173 |
|
$172,087 |
|
$176,044 |
|
| Foreign |
|
41,989 |
|
43,405 |
|
44,677 |
|
| |
|
$212,162 |
|
$215,492 |
|
$220,721 |
|
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Calculate the accounts receivable turnover and average collection period for 2011. (Use “Net Product Sales.” Assume all sales were credit sales.) (Round answers to 1 decimal place, e.g. 15.2.)
| Accounts receivable turnover |
|
 [removed] |
times |
| Average collection period |
|
[removed] |
days |
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