The financial information below was taken from the annual financial statements of Blarney Company.

2010 2009

Current assets $192,000 $212,000 Current liabilities 80,000 90,000 Total liabilities 190,000 160,000 Total assets 525,000 475,000 Sales 420,000 370,000 Cost of goods sold 240,000 220,000 Inventory 105,000 125,000 Receivables (net) 80,000 60,000 Net income 55,000 48,000 Net cash provided by operating activities. 65,000 25,000

Required to:Calculate the following ratios for Blarney Company for 2010.

1.Current ratio. 2.Average collection period.