3) Selected financial statement data for Mure Company are presented below.

December 31, 2015 December 31, 2014

Cash $ 40,000 $30,000

Short-term investments 20,000 18,000

Receivables (net) 100,000 90,000

Inventories 80,000 60,000

Total current liabilities 100,000 90,000

During 2015, net sales were $950,000, and cost of goods sold was $770,000.

Instructions: Compute the following ratios at December 31, 2015:

(a) Accounts receivable turnover.

(b) Inventory turnover.