Inventory and receivable balances and gross profit data for Buckett Water Company follow.

Instructions:
Compute the following ratios for 2008 and 2007.
1. Accounts receivable turnover
2. Average collection period (Use the receivables balance at the end of the year.)
3. Inventory turnover
4. Number of days' sales in inventory (Use the inventory balance at end ofyear.)

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2008 2007 2006 Balance sheet data: $140,000 $110,000 90,000 Inventory. December 31 Accounts receivable, December 370,000 55,000 40,000 Income statement data: Net sales Cost of goods sold. Gross profit. $420,000 $380,000 $350,000 230,000 205,000 88,000 $190,000 $175,000 $162,000