At December 31, 2017, Ridgewood Imports Inc. reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $595,000 41,000 During 2018, the company had the following summary transactions related to receivables and sales. Ridgewood uses the perpetual inventory system Sales on account amounted to $2,414,000. The cost of the inventory sold was $1,979,480. Sales returns and allowances with a total sales price of $41,000 and a cost of $33,620 were restored to inventory. Collections of accounts receivable were $2,091,000. Write-offs of accounts receivable deemed uncollectible $46,500. Recovery of bad debts previously written off as uncollectible. $15,500. 1. 2. 3. 4. 5. (d) Calculate the receivables turnover ratio and average collection period. (Round receivables turnover to 1 decimal place, e.g. 5.2. Round average collection period to nearest whole day, eg. 15.) Receivables turnover ratio times Average collection period days