At December 31, 2017. Penny Worth Imports Inc. reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $553,000 37,000 During 2018, the company had the following summary transactions related to receivables and sales. Penny Worth uses the perpetual inventory system. 1. Sales on account amounted to $2,595,000. The cost of the inventory sold was $2,179,800. 2. Sales returns and allowances with a total sales price of $44.000 and a cost of $36.960 were restored to inventory. 3. Collections of accounts receivable were $2,274,000. 4. Write-offs of accounts receivable deemed uncollectible. $41,700. 5. Recovery of bad debts previously written off as uncollectible, $15,500 (d) Calculate the receivables turnover ratio and average collection period. (Round receivables turnover to 1 decimal place, eg, 5.2. Round average collection period to nearest whole day e... 15.) Receivables turnover ratia times Average collection period days