Paul & Griffon manufactures and markets many products you use every day. In 2016, sales for the company were $85,500 (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 49.7 percent. Account balances for the year follow: Accounts receivable (net) Inventory Beginning $6,400 7,180 Ending $6,800 7,200 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. Required 1 Required 2 Compute the Receivables Turnover Ratio and Inventory Turnover Ratio. (Do not round intermediate ca final answers to 1 decimal place.) Receivables Turnover Ratio Inventory Turnover Ratio Complete this question by entering your answers in the tabs below. Required 1 Required 2 By dividing 365 by your ratios from requirement 1, calculate the average days to collect receivables al sell inventory. (Round your intermediate calculations and final answers to 1 decimal place.) Average Days to Collect Receivables Average Days to Sell Inventory days days