5. Times interest earned ratio. (Round your answer to 2 decimal places.) Times interest earned ratio 6. Average collection period. (Use 365 days in a year. Round your answer to 1 decimal place.) Average collection period days 7. Average sale period. (Use 365 days in a year. Round your intermediate and final answer to 1 decimal place.) Average sale period days Operating cycle. (Round your intermediate calculations and final answers to 1 decimal place.) Operating cycle The financial statements for Castile Products, Inc., are given below: Castile Products, Inc. Balance Sheet December 31 Assets Current assets: Cash Accounts receivable, net Merchandise inventory Prepaid expenses Total current assets Property and equipment, net $ 21,000 240,000 320,000 7,000 588,000 910,000 Total assets $1,498,000 UP Liabilities and Stockholders' Equity Liabilities: Current liabilities Bonds payable, 10% $ 240,000 390,000 Total liabilities Stockholders' equity: Common stock, $5 par value Retained earnings 630,000 $ 180,000 688,000 Total stockholders' equity 868,000 Total liabilities and equity $1,498,000 ft... Castile Products, Inc. Income Statement For the Year Ended December 31 Sales $3,220,000 Cost of goods sold 1,320,000 Gross margin 1,900,000 Selling and administrative expenses 580,000 Sta.. Pe... nsole Net operating income Interest expense 1,320,000 39,000 Net income before taxes Income taxes (30%) 1,281,000 384,300 Net income $ 896,700 Account balances at the beginning of the year were: accounts receivable. $220,000; and inventory. $280,000. All sales were on account