The following data are taken from the financial statements of Morino Company. 2013 2012 Accounts receivable (net), end of year $ 550,000 $ 520,000 Net sales on account 3,960,000 3,100,000 Terms for all sales are 1/10, n/60. Compute for each year (1) the receivables turnover and (2) the average collection period. At the end of 2011, accounts receivable (net) was $480,000