Balance Sheets As of December 31 Accounts receivable Allowance for doubtful accounts Net accounts receivable Inventories, lower of cost or market Year 3 $390,000 (19,500) $370,500 Year 2 $371,000 (14,840) $356,160 $479,500 $446,000 Income Statement For the Years Ended December 31 Year 3 Net credit sales $2,011,000 Net cash sales 417,000 Net sales 2,428,000 Cost of goods sold 1,592,000 Selling, general, and administrative expenses 239,700 Other expenses 39,100 Total operating expenses $1,870, 800 Year 2 $1,751,000 302,000 2,053,000 1,420,000 215,000 22,300 $1,657, 300 les 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. (For all requirements, round your answers to 2 decimal places.)