Response to the following problem:
During the current year, Fargo Company had sales revenue of $145,000, of which 80% were credit sales. Its cost of goods sold was 60% of its sales revenue. During the year, Fargo's average inventory was $12,500 and its average net receivables were $9,300. Compute the inventory turnover and the receivables turnover of Fargo Company for the current year (assume a 365-day business year).