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, e.g. 15.) Receivables turnover ratio times Average collection period days At December 31, 2017, Steering Imports Inc. reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $616,000 44,000 During 2018, the company had the following summary transactions related to receivables and sales. Steering uses the perpetual inventory system. 1. Sales on account amounted to $2,339,000. The cost of the inventory sold was $2,151,880. 2. Sales returns and allowances with a total sales price of $39,000 and a cost of $35,880 were restored to inventory. 3. Collections of accounts receivable were $2,061,000. 4. Write-offs of accounts receivable deemed uncollectible, $49,200. 5. Recovery of bad debts previously written off as uncollectible, $15,900