Turnovers. The following data are taken from Woolly Company's accounts:

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1. Find the inventory turnover and the days sales in inventory.
2. Find the accounts receivable turnover and the days sales in receivables.
3. If industry averages for the turnover ratios are 3.0 for both inventory and accounts receivable, how is Woolly doing? Suggest possible causes.

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Sales in 1998.... $357,000 Cost of goods sold in 1998. 216,000 Accounts receivable, 1/1/98 220,000 Accounts receivable, 12/31/98 242,000 Inventory, 1/1/98. 130,000 Inventory, 12/31/98. 70,000