8. Sales for the year were $76,000 and cost of goods sold were $60,800. The balance sheet at the end of the year is given below: Assets Liabilities and Equity Cash 8,000 Accounts payable 18,000 Accounts receivable 7,000 Current liabilities 18,000 Inventory 39,000 Long-term debt 95,000 Current assets 54,000 Total liabilities 113,000 Machines 34,000 Paid-in capital 20,000 Real estate 80,000 Retained earnings 35,000 Net fixed assets 114,000 Equity 55,000 Total assets 168,000 Total liab. & equity 168,000 a. What is the firm's inventory turnover (using cost of goods sold)? 9. Sales for the year were $82,000 and cost of goods sold were $65,600. The balance sheet at the end of the year is given below: Assets Liabilities and Equity Cash 13,000 Accounts payable 21,000 Accounts receivable 5,000 Current liabilities 21,000 Inventory 29,000 Long-term debt 95,000 Current assets 47,000 Total liabilities 116,000 Machines 34,000 Paid-in capital 20,000 Real estate 80,000 Retained earnings 25,000 Net fixed assets 114,000 Equity 45,000 Total assets 161,000 Total liab. & equity 161,000 a. What is the firm's collection period? b. What is the total asset turnover? 10. Sales for the year were $67,000 and cost of goods sold were $53,600. The balance sheet at the end of the year is given below: Assets Liabilities and Equity Cash 10,000 Accounts payable 19,000 Accounts receivable 6,000 Current liabilities 19,000 Inventory 26,000 Long-term debt 95,000 Current assets 42,000 Total liabilities 114,000 Machines 34,000 Paid-in capital 20,000 Real estate 80,000 Retained earnings 22,000 Net fixed assets 114,000 Equity 42,000 Total assets 156,000 Total liab. & equity 156,000 a. What is the firm's days inventory outstanding? b. What is the firm's collection period