Selected data of Islander Company follow:

Required:
1. What is the accounts receivable turnover for 2008?
2. What is the inventory turnover for 2008?

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As of December 31 Balance Sheet Data Accounts receivable Allowance for doubtful accounts Net accounts receivable Inventories-lower of cost or market 2008 2007 $500,000 $470,000 (25,000) (20,000) $475,000 $450,000 $600,000 $550,000 Year Ended December 31 Income Statement Data 2008 2007 Net credit sales $2,500,000 $2,200,000 Net cash sales 500,000 400,000 Net sales $3,000,000 $2,600,000 Cost of goods sold $2,000,000 $1,800,000 Selling, general, and administrative expenses 300,000 270,000 Other 50,000 30,000 Total operating expenses $2,350,000 $2,100,000