Required:

a. What is the accounts receivable turnover for 2020?

b. What is the inventory turnover for 2020?

2. Below is selected data of Spirit Company: Balance Sheet Data Accounts receivable Allowance for doubtful accounts Net accounts receivable As of December 31: 2020 2019 $771,000 31,000 $740,000 $742,000 22,000 $720,000 Inventories - LCM $542,500 $642,500 Income Statement Data Net credit sales Net cash sales Net sales Cost of goods sold Selling, general and adm. expenses Other Total operating expenses Net income $3,150,000 800,000 $3,950,000 $2,370,000 475,000 150,000 $2,995,000 955.000 $3,000,000 600,000 $3,600,000 $2,160,000 350,000 125,000 $2,635,000 $ 965.000 Required: a. What is the accounts receivable turnover for 2020? b. What is the inventory turnover for 2020