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