Analysis of Activity Measures The comparative income statement and balance sheet of Cowan Kitchen Counters, Inc. are shown. Cowan Kitchen Counters, Inc. Comparative Income Statement For Years Ended December 31, 20-2 and 20-1 20-2 20-1 $2,300,000 $2,160,000 1,725,000 1,620,000 Net sales (all on account) Cost of goods sold Gross profit Operating expenses Other expense (interest) $575,000 $ 540,000 310,000 220,000 24,200 24,200 78,000 Income tax expense 104,000 Net income $162,800 $191,800 Cowan Kitchen Counters, Inc. Comparative Balance Sheet December 31, 20-2 and 20-1 20-2 20-1 Cash $246,000 Government notes Accounts receivable (net) Merchandise inventory $770,570 247,000 369,230 310,000 140,000 110,000 247,000 400,000 290,000 46,000 110,000 Supplies and prepayments Land 400,000 400,000 Building (net) Office equipment (net) 50,000 50,000 Total assets $2,396,800 $1,789,000 $995,000 $530,000 Current liabilities (accounts payable) Bonds payable 220,000 240,000 Total liabilities $1,215,000 $770,000 Common stock (10 par, 80,000 shares) $800,000 $800,000 381,800 Retained earnings 219,000 Total stockholders' equity $1,019,000 $1,181,800 $2,396,800 Total liabilities and stockholders' equity $1,789,000 Compute the following activity measures for 20-2 (round all calculations to two decimal places). a. Accounts receivable turnover to 1 Average collection period days b. Merchandise inventory turnover to 1 Average number of days to sell inventory days c. Asset turnover to 1