3. **PLEASE SHOW WORK, STEP BY STEP. ASAP

Selected data of the Peninsula Company follow: Balance Sheet Data Accounts receivable Allowance for doubtful accounts Net accounts receivable Inventories-lower of cost or market As of December 31 20X2 20x1 $671,000 $642,000 31,000 22,000 $640,000 $620,000 $542,500 $642,500 Income Statement Data Net credit sales Net cash sales Net sales Cost of goods sold Selling, general, and administrative expenses Other Total operating expenses Net income Year Ended December 31 20x2 20x1 $3,150,000 $3,000,000 800,000 600,000 $3,950,000 $3,600,000 $2,370,000 $2,160,000 475,000 350,000 150,000 125,000 $2,995,000 $2,635,000 $ 955,000 $ 965,000 Required: a. What is the accounts receivable turnover for 20X2? b. What is the inventory turnover for 20x2