HELP! Universal Calendar Company began the year with accounts receivable (net) and inventory balances of $160,000 and $80,000, respectively. Year-end balances for these accounts were $180,000 and $60,000, respectively. Sales for the year of $550,000 generated a gross profit of $180,000. Calculate the receivables and inventory turnover ratios for the year.

Universal Calendar Company began the year with accounts receivable (net) and inventory balances of $160,000 and $80,000, respectively. Year-end balances for these accounts were $180,000 and $60,000, respectively. Sales for the year of $550,000 generated a gross profit of $180,000. Calculate the receivables and inventory turnover ratios for the year. Receivables Turnover Ratio I Choose Denominator: Choose Numerator: = Receivables Turnover Ratio / Receivables turnover ratio 1 0 times Inventory Turnover Ratio 1 Choose Denominator: Choose Numerator: = Inventory Turnover Ratio 1 = Inventory turnover ratio 1 - O times