Calculate the Average Accounts Receivable, the Accounts Receivable Turnover Ratio, and the Accounts Receivable Turnover in Days

Last year, Laurel, Inc. had net sales of $9,288,000 and cost of goods sold of $4,812,000. Laurel had the following balances:

	January 1	December 31
Accounts receivable	$725,000	$775,000
Inventories	450,000	425,000

Required:

Note: Round answers to one decimal place. Assume 365 days per year.

1. Calculate the average accounts receivable. $

2. Calculate the accounts receivable turnover ratio. times

3. Calculate the accounts receivable turnover in days. days