k nces Double West Suppliers (DWS) reported sales for the year of $600,000, all on credit. The average gross profit percentage was 40 percent on sales. Account balances are as follows: Accounts receivable (net) Inventory Beginning Ending $33,000 48,000 $67,000 52,000 Required: 1. Compute the turnover ratios for accounts receivable and inventory. (Round your answers to 1 decimal place.) Receivables turnover ratio Inventory turnover ratio times times 2. By dividing 365 by your ratios from requirement 1, calculate the average days to collect receivables and the average days to sell inventory. (Round your answers to 1 decimal place.) Days to collect Days to sell