Universal Calendar Company began the year with accounts receivable (net) and inventory balances of $200,000 and $55,000, respectively. Year-end balances for these accounts were $220,000 and $35,000, respectively. Sales for the year of $750,000 generated a gross profit of $190,000.

Calculate the receivables and inventory turnover ratios for the year.

Receivables Turnover Ratio
Choose Numerator:	/	Choose Denominator:	=	Receivables Turnover Ratio
	/		=	Receivables turnover ratio
	/		=		times
Inventory Turnover Ratio
Choose Numerator:	/	Choose Denominator:	=	Inventory Turnover Ratio
	/		=	Inventory turnover ratio
	/		=		times