The following accounts and balances are taken from year end financial statements. Calculate the accounts receivable turnover ratio and the average collection period for YEAR 3. Round your answers to one place after the decimal point.
Year 3 Year 2 Year 1
Current assets

• Cash and marketable securities 140,000 $ 100,000 $ 80,000
• Accounts receivable, net 180,000 160,000 140,000
• Inventory 190,000 200,000 180,000
• Total current assets 510,000 460,000 400,000

Current liabilities

• Accounts payable $ 130,000 $ 160,000 $ 140,000
• Accrued liabilities 30,000 50,000 40,000
• Notes payable, short term 130,000 130,000 130,000
• Total current liabilities 290,000 340,000 310,000

Sales (all on account) $2,550,000 $2,100,000
Cost of goods sold 1,700,000 $1,400,000