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 500,000 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 company's common stock at the end of the year was $26. All of the company's sales are on account. Weller Corporation Comparative Balance Sheet (dollars in thousands) This Year Last Year $1,220 9.500 1,100 750 24 300 $ 1,330 6,500 12,000 580 20.410 10,00 19.154 49.952 576,757 10,800 , 49,627 $70,937 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 ter Total current liabilities Long-term liabilities Bonds payable Total liabilities Stockholdersequity: Common stock Additional paid in capital Total paid in capital Retained earning $19,600 1,060 250 20,910 $18,400 820 250 19.470 8,300 29,210 3100 27.70 500 500 4.000 01.04 8,300 29,210 8,300 27,770 Bonds payable otal liabilities tockholders' equity: Common stock Additional paid-in capital Total paid-in capital Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 500 4,000 4,500 41,047 45,547 $74,757 500 4, 4,500 37,767 42,267 $70,037 Weller Corporation Comparative Income Statement and Reconciliation (dollars in thousands) This Year Last Year Sales $72,000 $65,000 Cost of goods sold 48,070 35,000 Gross margin 23,930 30,000 Selling and administrative expenses: Selling expenses 10,800 10,600 Administrative expenses 6,500 6,400 Total selling and administrative expenses 17,300 17,000 Net operating income 6,630 13,000 Interest expense 830 830 Net income before taxes 5,800 12,170 Income taxes 2,320 4,868 Net income 3,480 7, 302 Dividends to common stockholders 200 375 Net income added to retained earnings 3,280 6,927 Beginning retained earnings 37, 767 30,840 Ending retained earnings $41,047 $37,767 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.) days 1 Accounts receivable turnover 2 Average collection period 3 Inventory turnover 4 Average sale period 5 Operating cycle 8 Total asset tumover days days