Paul \& Griffon manufactures and markets many products you use every day. In 2016 , sales for the company were $88,000 (all amounts in millions). The annual report did not report the amount of credit sales, so we will assume that all sales were on credit. The average gross profit percentage was 50.2 percent. Account balances for the year follow: Required: 1. Compute the Receivables Turnover Ratio and Inventory Turnover Ratio. 2. By dividing 365 by your ratios from requirement 1, calculate the average days to collect receivables and the average days to sell inventory. Complete this question by entering your answers in the tabs below. Compute the Receivables Turnover Ratio and Inventory Turnover Ratio. (Do not round intermediate calculations. Round your final answers to 1 decimal place.) Paul \& Griffon manufactures and markets many products you use every day. In 2016 , sales for the company were $88,000 (all amounts in millions). The annual report did not report the amount of credit sales, so we will assume that all sales were on credit. The average gross profit percentage was 50.2 percent. Account balances for the year follow: Required: 1. Compute the Receivables Turnover Ratio and inventory Turnover Ratio. 2. By dividing 365 by your gatios from requirement 1 , calculate the average days to collect receivables and the average days to sell inventory. Complete this question by entering your answers in the tabs below. 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 intermediate calculations and final answers to 1 decimal place.)