Rumsford Inc.'s financial statements for 2019 indicate the following account balances:
Net sales ........................................................ $256,340
Cost of goods sold ............................................. 162,000
Average accounts receivable ................................... 18,710
Average inventory ................................................ 3,845
Average property, plant, and equipment ...................... 72,345
Average total assets ............................................. 119,124
Required:
1. Using this information, calculate Rumsford's receivable turnover ratio. (Round to two decimal places)
2. Using this information, calculate Rumsford's asset turnover ratio and also convert the ratio into days?