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 $$0\mathrm{.}75$ last year and $$0\mathrm{.}40$ this year. The market value of the company$$s common stock at the end of this year was $$29.$ 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 $ $1,240$ $ $1,290$

Accounts receivable, net $10,2007,800$

Inventory $12,10012,000$

Prepaid expenses $750680$

Total current assets $24,29021,770$

Property and equipment:

Land $9,4009,400$

Buildings and equipment, net $53,89340,510$

Total property and equipment $63,29349,910$

Total assets $ $87,583$ $ $71,680$

Liabilities and Stockholders' Equity

Current liabilities:

Accounts payable $ $19,000$ $ $17,800$

Accrued liabilities $920840$

Notes payable, short term $210210$

Total current liabilities $20,13018,850$

Long$-$term liabilities:

Bonds payable $8,5008,500$

Total liabilities $28,63027,350$

Stockholders' equity:

Common stock $500500$

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

Total paid$-$in capital $4,5004,500$

Retained earnings $54,45339,830$

Total stockholders' equity $58,95344,330$

Total liabilities and stockholders' equity $ $87,583$ $ $71,680$

Weller Corporation

Comparative Income Statement and Reconciliation

$($dollars in thousands$)$

This Year Last Year

Sales $ $78,300$ $ $65,000$

Cost of goods sold $34,94532,000$

Gross margin $43,35533,000$

Selling and administrative expenses:

Selling expenses $11,10010,500$

Administrative expenses $6,7006,500$

Total selling and administrative expenses $17,80017,000$

Net operating income $25,55516,000$

Interest expense $850850$

Net income before taxes $24,70515,150$

Income taxes $9,8826,060$

Net income $14,8239,090$

Dividends to common stockholders $200500$

Net income added to retained earnings $14,6238,590$

Beginning retained earnings $39,83031,240$

Ending retained earnings $ $54,453$ $ $39,830$

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.$)$