Accounts Receivable Turnover and Average Collection Period The Longo Corporation disclosed the following financial information (in millions) in its recent annual report: Year 1 Year 2 Net sales $444,836 $390,817 Beginning accounts receivable (net) 88,960 76,960 Ending accounts receivable (net) 76,960 65,980 a. Calculate the accounts receivable turnover ratio for both years. b. Calculate the average collection period for both years. Notes: 1. Round all answers to one decimal place. 2. Use rounded answer from part a. to compute average collection period. Year 1 Year 2 a. Accounts receivable turnover b. Average collection period (days) 0 0 0 O O 0 c. Is the company's accounts receivable management improving or deteriorating? Check 13