Comparative financial statements for Weller Corporation, a merchandising company, for the year ending December $31$ appear below. The company did not issue any new common stock during the year. A total of $600,000$ shares of common stock were outstanding. The interest rate on the bond payable was $10\%,$ the income tax rate was $40\%,$ and the dividend per share of common stock was $$0\mathrm{.}75$ last year and $$0\mathrm{.}40$ this year. The market value of the company$$s common stock at the end of this year was $$24.$ All of the company$$s sales are on account.

Weller Corporation

Comparative Balance Sheet

$($dollars in thousands$)$

This Year Last Year

Assets

Current assets:

Cash $ $1,090$ $ $1,400$

Accounts receivable, net $10,1007,800$

Inventory $12,40011,100$

Prepaid expenses $660550$

Total current assets $24,25020,850$

Property and equipment:

Land $9,5009,500$

Buildings and equipment, net $50,01240,168$

Total property and equipment $59,51249,668$

Total assets $ $83,762$ $ $70,518$

Liabilities and Stockholders' Equity

Current liabilities:

Accounts payable $ $19,400$ $ $18,300$

Accrued liabilities $1,080840$

Notes payable, short term $290290$

Total current liabilities $20,77019,430$

Long$-$term liabilities:

Bonds payable $9,7009,700$

Total liabilities $30,47029,130$

Stockholders' equity:

Common stock $600600$

Additional paid$-$in capital $4,0004,000$

Total paid$-$in capital $4,6004,600$

Retained earnings $48,69236,788$

Total stockholders' equity $53,29241,388$

Total liabilities and stockholders' equity $ $83,762$ $ $70,518$

Weller Corporation

Comparative Income Statement and Reconciliation

$($dollars in thousands$)$

This Year Last Year

Sales $ $78,760$ $ $65,000$

Cost of goods sold $39,95036,000$

Gross margin $38,81029,000$

Selling and administrative expenses:

Selling expenses $11,10010,200$

Administrative expenses $6,5007,000$

Total selling and administrative expenses $17,60017,200$

Net operating income $21,21011,800$

Interest expense $970970$

Net income before taxes $20,24010,830$

Income taxes $8,0964,332$

Net income $12,1446,498$

Dividends to common stockholders $240450$

Net income added to retained earnings $11,9046,048$

Beginning retained earnings $36,78830,740$

Ending retained earnings $ $48,692$ $ $36,788$

Required:

Compute the following financial data for this year:

$1.$ Accounts receivable turnover. $($Assume that all sales are on account.$)($Round your answer to $2$ decimal places.$)$

$2.$ Average collection period. $($Use $365$ days in a year. Round your intermediate calculations and final answer to $2$ decimal places.$)$

$3.$ Inventory turnover. $($Round your answer to $2$ decimal places.$)$

$4.$ Average sale period. $($Use $365$ days in a year. Round your intermediate calculations and final answer to $2$ decimal places.$)$

$5.$ Operating cycle. $($Round your intermediate calculations and final answer to $2$ decimal places.$)$

$6.$ Total asset turnover. $($Round your answer to $2$ decimal places.$)$