Problem #2 (Adapted) The following selected data were taken from the records of Delta Company: Beginning Ending Accounts Receivable - net P60,000 P40,000 Inventory Sales (all on credit) Cost of Goods Sold 55,000 65,000 600,000 360,000 Required: A. Compute the following ratios. Show your solution. 1. Accounts receivable turnover 2. Average collection period 3. Inventory turnover 4. Days sales in inventory B. Delta's credit term is 2/10, n/30. The industry average inventory turnover is 8 times. Comments on Delta's efficiency in managing its accounts receivable and inventory.