Please provide also the solutions. Thank you! This Year: Accounts receivable = P135,000 Inventory = P136,000 Sales on account = P698,000 Cost of goods sold = P429,000 Last year : Accounts Receivable =...

Please provide also the solutions. Thank you!

This Year:

Accounts receivable = P135,000

Inventory = P136,000

Sales on account  = P698,000

Cost of goods sold = P429,000

Last year:

Accounts Receivable = P119,000

Inventory = P155,000

1. The accounts receivable turnover for this year is closest to:
a. 0.88
b. 5.50
c. 5.17
d. 1.13

2. The average collection period for this year is closest to:
a. 65 days
b. 56 days
c. 80 days
d. 90 days