Asset Efficiency Ratios}

Selected financial statement numbers for Hunan Company follow.

\section*{Required:}
1. Using this information, calculate Hunan's receivable turnover ratio (rounded to two decimal places).
2. Using this information, calculate Hunan's asset turnover ratio (rounded to two decimal places) and also convert the ratio into days (rounded to the nearest whole day).
\section*{Cornerstone Exercise

Transcribed Image Text:

Net sales $277,480 Average inventory $ 4,145 Cost of goods sold 179,000 Average property, plant, and equipment 75,705 Average accounts receivable 20,730 Average total assets 126,127