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 $0.75 last year and $0.40 this year. The market value of the companys common stock at the end of this year was $24. All of the companys sales are on account.

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.)

Weller Corporation Comparative Balance Sheet (dollars in thousands) This Year Last Year $ 1,140 9,100 12,200 710 23,150 $ 1,410 8,300 10,800 540 21,050 9,300 50,996 60, 296 $83, 446 9,300 38,446 47,746 $68,796 Assets Current assets: Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Property and equipment: Land Buildings and equipment, net Total property and equipment Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Accrued liabilities Notes payable, short term Total current liabilities Long-term liabilities: Bonds payable Total liabilities Stockholders' equity: Common stock Additional paid-in capital Total paid-in capital Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $18,700 1,050 120 19,870 $18,700 740 120 19,560 8,400 28, 270 8,400 27,960 600 4,000 4,600 50,576 55,176 $83,446 600 4,000 4,600 36, 236 40,836 $68,796 Last Year $64,000 37,000 27,000 Comparative Income Statement and Reconciliation (dollars in thousands ) This Year Sales $75,690 Cost of goods sold 33,350 Gross margin 42,340 Selling and administrative expenses: Selling expenses 10,500 Administrative expenses 6,700 Total selling and administrative expenses 17,200 Net operating income 25,140 Interest expense 840 Net income before taxes 24,300 Income taxes 9,720 Net income 14,580 Dividends to common stockholders 240 Net income added to retained earnings 14,340 Beginning retained earnings 36,236 Ending retained earnings $50,576 10,700 6,300 17,000 10,000 840 9,160 3,664 5,496 600 4,896 31,340 $36,236 1. Accounts receivable turnover days 2. Average collection period 3. Inventory turnover 4. Average sale period 5. Operating cycle days days 6. Total asset turnover