Intro Sales for the year were $70,000 and cost of goods sold were $56,000. The balance sheet at the end of the year is given below: Assets Cash Accounts receivable Inventory Current assets Machines Real estate Net fixed assets Total assets Liabilities and Equity 8,000 Accounts payable 16,000 7,000 Current liabilities 16,000 29,000 Long-term debt 95,000 44,000 Total liabilities 111,000 34,000 Paid-in capital 20,000 80,000 Retained earnings 27,000 114,000 Equity 47,000 158,000 Total liab. & equity 158,000 Part 1 Attempt 3/3 for 10 pts. What is the firm's average collection period (days sales outstanding)? 1+ decimals Submit IB Attempt 1/3 for 10 pts. Part 2 What is the inventory turnover ratio? 2+ decimals Submit