2. Below is selected data of Spirit Company: Balance Sheet Data Accounts receivable Allowance for doubtful accounts Net accounts receivable As of December 31: 2020 2019 $771.000 31.000 $740.000 $742.000 22.000 $720,000 Inventories - LCM $542,500 $642,500 Income Statement Data Net credit sales Net cash sales Net sales Cost of goods sold Selling, general and adm. expenses Other Total operating expenses Net income $3.150.000 800.000 $3,950,000 $2.370.000 475,000 150.000 $2.995.000 S 955,000 $3,000,000 600.000 $3,600,000 $2,160,000 350,000 125.000 $2.635,000 S 965,000 Required: a. What is the accounts receivable turnover for 2020? b. What is the inventory tumover for 2020