Camden Hardware's credit sales for the year were $320,000. Accounts receivable at the beginning and end of the year were $50,000 and $70,000, respectively. a. Calculate the accounts receivable turnover ratio. b. Calculate the average collection period for the year. (Round your answers to 2 decimal places. Use 365 days a year.) Choose Numerator: a Cost of goods sold Receivables Turnover Ratio 1 Choose Denominator: / Asset turnover Receivables Turnover Ratio Receivables turnover ratio 0 times Choose Numerator: b. Asset turnover Average collection period 1 Choose Denominator: 1 Asset turnover = Average collection period Average collection period o days Camden Hardware's credit sales for the year were $320,000. Accounts receivable at the beginning and end of the year were $50,000 and $70,000, respectively. a. Calculate the accounts receivable turnover ratio. b. Calculate the average collection period for the year. (Round your answers to 2 decimal places. Use 365 days a year.) Choose Numerator: a. Cost of goods sold Receivables Turnover Ratio Choose Denominator: Asset turnover Receivables Turnover Ratio Receivables tumover ratio O times Choose Numerator: b. Asset turnover Average collection period 1 Choose Denominator: Asset turnover Average collection period Average collection period 0 days