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. Receivables Turnover Ratio 1 Choose Denominator: Choose Numerator: = Receivables Turnover Ratio / = Receivables turnover ratio / 0 times Inventory Turnover Ratio | Choose Denominator: Choose Numerator: = Inventory Turnover Ratio 1 = Inventory turnover ratio / = o times