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Universal Calendar Company began the year with accounts receivable and inventory balances of $130,000 and $50,000, respectively. Year-end balances for these accounts were $150,000 and $30,000, respectively. Sales for the year of $400,000 generated a gross profit of $120,000.
Calculate the receivables and inventory turnover ratios for the year. (Round your answers to 2 decimal places.)
Receivables turnover ratio:
Inventory turnover ratio:
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