Double West Suppliers $($DWS$)$ reported sales for the year of $$390,000,$ all on credit. The average gross profit percentage was $40$ percent on sales. Account balances follow:

Beginning Ending

Accounts receivable $($net$)$ $ $54,000$ $ $64,000$

Inventory $69,00049,000$

Required:

Compute the following turnover ratios.

By dividing $365$ by your ratios from requirement $1,$ calculate the average days to collect receivables and the average days to sell inventory.