6. value: 6.00 points E13-7 Computing Turnover Ratios LO 13-3, 13-5 Richards & James is a multinational corporation that manufactures and markets many household products. Last year, sales for the company were $70,000 (all amounts in millions). The annual report did not disclose the amount of credit sales, so we will assume that 90 percent of sales were on credit. The average gross profit on sales was 42 percent. Additional account balances were: Accounts receivable (net) Inventory Ending $ 7,000 6,830 Beginning $ 6,300 6,292 Required: 1. Compute Richards & James receivable turnover ratio and its inventory tumover ratio. (Round intermediate calculations to the nearest whole dollar and your final answers to 2 decimal places.) Turnover Accounts receivable Inventory 2. How many days does it take for the Company to collect its accounts receivable and sell its inventory. (Use 365 days in a year. Round your answers to 2 decimal places.) Days Accounts receivable Inventory