Exercise 4-26 (Algo) Evaluating efficiency of asset management (LO4-10] The 2021 income statement of Anderson Medical Supply Company reported net sales of $14 million, cost of goods sold of $6.4 million, and net income of $880,000. The following table shows the company's comparative balance sheets for 2021 and 2020: ($ in thousands 2021 2020 $ 620 1,020 1,200 4,000 $ 6,840 $ 700 660 1,110 3,720 $ 6, 190 Assets Cash Accounts receivable Inventory Property, plant, and equipment (net) Total assets Liabilities and shareholders' equity Current liabilities Bonds payable Common stock Retained earnings Total liabilities and shareholders' equity $ 1,280 2,000 2,600 960 $ 6,840 $ 1,150 2,000 2,600 440 $ 6, 190 Required: 1. Calculate Anderson's turnover ratios for 2021. (Use 365 days a year. Round your answers to 2 decimal places.) Inventory turnover ratio Receivables turnover ratio Average collection period Asset turnover ratio times times days times