Brief Exercise 4-15 (Static) Receivables and inventory turnover ratios (L04-10] Universal Calendar Company began the year with accounts receivable (net) and inventory balances of $100,000 and $80,000, respectively. Year-end balances for these accounts were $120,000 and $60,000, respectively. Sales for the year of $600,000 generated a gross profit of $200,000. Calculate the receivables and inventory turnover ratios for the year. Receivables Turnover Ratio 1 Choose Denominator: Choose Numerator: = Receivables Turnover Ratio = Receivables turnover ratio / 1 = times Choose Numerator: 11 Inventory Turnover Ratio I Choose Denominator: 1 1 Inventory Turnover Ratio = Inventory turnover ratio 11 times