3 Balance Sheets As of December 31 Year 3 Accounts receivable. $401,000 Year 2 $380,000 Allowance for doubtful accounts (20,050) (15,200) Net accounts receivable $380,950 $364,800 8 points Inventories, lower of cost or market $479,000 $437,000 Skipped Income Statement For the Years Ended December 31 Year 3 $2,002,000 Year 2 $1,754,000 318,000 eBook Net credit sales Hint Net cash sales: Net sales Print Cost of goods sold Selling, general, and administrative expenses References Other expenses. Total operating expenses Required a. Compute the accounts receivable turnover for Year 3. b. Compute the inventory turnover for Year 3. c. Compute the net margin for Year 2. 419,000 2,421,000 2,072,000 1,596,000 1,424,000 240,200 214,800 39,700 22,700 $1,875,900 $1,661,500