Universal Calendar Company began the year with accounts receivable (net) and inventory balances of $280,000 and $60,000, respectively. Year-end balances for these accounts were $300,000 and $40,000, respectively. Sales for the year of $750,000 generated a gross profit of $230,000. Calculate the receivables and inventory turnover ratios for the year. X Answer is complete but not entirely correct. Receivables Turnover Ratio Choose Numerator: Choose Denominator: Receivables Turnover Ratio Net sales Average accounts receivable (net) Receivables turnover ratio IS 750,000 $ 290,000 2.59 times Choose Numerator: Inventory Turnover Ratio Choose Denominator: Inventory Turnover Ratio Cost of goods sold 7 Average inventory Inventory turnover ratio s 20,000 $ 50,000 0.40 times