Asset Efficiency Ratios Financial statements for Steele Inc. follow. Steele Inc. Consolidated Statements of Income Net sales Cost of goods sold Gross margin General and administrative expenses Special and nonrecurring items Operating income Interest expense Other income Gain on sale of investments Income before income taxes Provision for income taxes Net income Steele Inc. Consolidated Balance Sheets (In thousands) ASSETS Dec. 31,2023 Dec. 31,2022 Current assets: Cash and equivalents Accounts receivable Inventories Other Total current assets Property and equipment, net Other assets Total assets UABILIIIS AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable Accrued expenses Other current liabilities Income taxes Total current liabilities Long-term debt Long-term debt Deferred income taxes Other long-term liabilities Total liabilities \begin{tabular}{rr} 650,000 & 541,639 \\ 275,101 & 274,844 \\ \hline 61,267 & 41,572 \\ \hline$1,693,812 & $1,578,833 \\ \hline \end{tabular} Stockholders' equity: Preferred stock Common stock Additional paid-in capital-common stock Retained earnings Less: Treasury stock, at cost Total stockholders' equity Total liabilities and stockholders' equity Use the information provided above and below to respond to the following requirements. Statement Item January 1,2022 (in thousands) Accounts receivable Inventories Total assets 3,485,233 Required: Use the information provided above and below to respond to the followng reguremvens. Required: 1. Compute the three asset efficiency ratios for 2022 and 2023. Round your answers to two decimal placies. 2. Indicate the length of Steele's operating cycle in days for the vears ended December 31, 2023, and December 31, 2022. Assume 365 days in a year. Round intermediate calculations and final answers to two decimal places. 20232022daysdays