The financial statements of Lopez Company include the following data: 2019 Sales Cost of Goods Sold $773,015 253,062 131,000 Operating Expenses Net Cash Provided From Operating Activities Net Income 410,553 388,953 104,000 Dividends Earnings per Share 1.87 Assets Lopez Company Balance Sheet December 31 Dec 31, 2019 $614,953 72,900 Dec 31, 2018 Cash Accounts Receivable, net Inventory Total Current Assets $270,700 77,200 79,700 427,600 193,000 $620,600 85,700 773,553 223,000 $996,553 Plant Assets, net Total Assets Liabilities and Stockholders' Equity Liabilities and Stockholders' Equity Current Liabilities $44,000 10% Bonds Payable $43,000 63,000 Total Liabilities 106,000 Common Stock $1 par 69,000 113,000 250,000 633,553 883,553 $996,553 Retained Earnings Total Stockholders' Equity 166,000 348,600 514,600 $620,600 Total Liabilities and Stockholders' Equity Required: Compute the receivables turnover ratio for 2019. Round your answer to two decimal places. (If necessary, consult a list of formulas.) Receivables turnover ratio