Exercise 13.10 (Algo) Calculating the accounts receivable turnover and the inventory turnover. LO 13-6

W. Tsang Electronics reports the following in its most recent year of operations:

• Net sales, $1,123,600 (all on account)
• Cost of goods sold, $607,200
• Gross profit, $516,400
• Accounts receivable, beginning of year, $96,000
• Accounts receivable, end of year, $116,000
• Merchandise inventory, beginning of year, $61,000
• Merchandise inventory, end of year, $71,000.

Based on these balances, compute:

1. The accounts receivable turnover.
2. The average collection period.
3. The inventory turnover.
4. The average number of days in inventory.