Balance Sheets As of December 31 Accounts receivable Allowance for doubtful accounts Net accounts receivable Inventories, lower of cost or market Year 3 $405,000 (20,250) $384,750 $484,000 Year 2 $378,000 (15,120) $362,880 $448,000 Income Statement For the Years Ended December 31 Year 3 Net credit sales $2,002,000 Net cash sales 401,000 Net sales 2,403,000 Cost of goods sold 1,598,000 Selling, general, and administrative expenses 239, 600 Other expenses 39,900 Total operating expenses $1,877,500 Year 2 $1,751,000 303,000 2,054,000 1,426,000 215,600 23,700 $1,665,300 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.) a. Accounts receivable turnover Ib, Inventory turnover times times Review Ex Part II (due 02/1412 Income Statement For the Years Ended December 31 Year 3 Net credit sales $2,002,000 Net cash sales 401,000 Net sales 2,403,000 Cost of goods sold 1,598,000 Selling, general, and administrative expenses 239, 600 Other expenses 39,900 Total operating expenses $1,877,500 Year 2 $1,751,000 303,000 2,054,000 1,426,000 215,600 23,700 $1,665,300 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.) times a. Accounts receivable turnover b. Inventory turnover c. Net margin times %