Accounts receivable Allowance for doubtful accounts Net accounts receivable Inventories, lower of cost or market Year 3 Year 2 $600,000 $480,000 (40,000) (20,000) $560,000 $460,000 $500,000 $400,000 Income Statement For the Years Ended December 31 Year 3 Net credit sales $2,400,000 Net cash sales 600,000 Net sales 3,000,000 Cost of goods sold 1,800,000 Selling, general, and administrative expenses 300,000 Other expenses 80,000 Total operating expenses $2,180,000 Year 2 $1,950,000 450,000 2,400,000 1,520,000 240,000 50,000 $1,810,000 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