E13-7 Computing and Interpreting Selected Liquidity Ratios [LO 13-4, 13-5] Double West Suppliers (DWS) reported sales for the year of $330,000, all on credit. The average gross profit percentage was 30 percent on sales. Account balances follow: Beginning Ending $ 47,000 S 57,000 62,000 42,000 Accounts receivable (net) Inventory Required: 1. Compute the following turnover ratios. (Round your answers to 1 decimal place.) Receivables Turnover Ratio Inventory Turnover Ratio 2. By dividing 365 by your ratios from requirement 1, calculate the average days to collect receivables and the average days to sell inventory. (Use 365 days in a year. Do not round intermediate calculations. Round turnover ratio calculation and final answers to 1 decimal place.) Average Days to Collect Average Days to Sell days