Financial ratios: Asset management. The financial statements for Tyler Toys, Inc. are shown below. Calculate the inventory turnover, days' sales in inventory, receivables turnover, days' sales in receivables, and total asset turnover for 2013 and 2014 for Tyler Toys. Should any of these ratios or the change in a ratio warrant concern for the managers of Tyler Toys or the shareholders?

Tyler Toys, Inc.
Income Statement for Years Ending December 31, 2013 and 2014
	2014	2013
Revenue	$14,147,844	$13,566,081
Cost of goods sold	$-8,448,121	$-8,131,751
Selling, general, and administrative expenses	$-997,351	$-981,956
Depreciation	$-1,498,005	$-1,471,279
EBIT	$3,204,367	$2,981,095
Interest expense	$-375,975	$-355,216
Taxes	$-1,074,789	$-997,834
Net income	$1,753,603	$1,628,045

Tyler Toys, Inc.
Balance Sheet as of December 31, 2013 and 2014
ASSETS	2014	2013	LIABILITIES	2014	2013
Current assets			Current liabilities
Cash	$191,800	$186,995	Accounts payable	$1,545,434	$1,456,815
Investments	$180,888	$120,534	Short-term debt	$311,087	$333,794
Accounts receivable	$667,251	$631,113	Total current liabilities	$1,856,521	$1,790,609
Inventory	$588,772	$563,814	Long-term liabilities
Total current assets	$1,628,711	$1,502,456	Debt	$7,285,670	$6,603,931
Long-term assets			Other liabilities	$1,462,111	$1,346,207
Investments	$3,053,195	$2,828,266	Total liabilities	$10,604,302	$9,740,747
Plant, property, and equipment	$8,496,792	$8,481,309	OWNERS EQUITY
Goodwill	$347,021	$347,194	Common stock	$1,457,331	$1,453,971
Intangible assets	$1,158,088	$957,411	Retained earnings	$2,622,174	$2,921,918
			Total owners equity	$4,079,505	$4,375,889
			TOTAL LIABILITIES
TOTAL ASSETS	$14,683,807	$14,116,636	AND OWNERS EQUITY	$14,683,807	$14,116,636

What is the inventory turnover ratio for 2014? ________ (Round to four decimal places.)

What is the inventory turnover ratio for 2013? ________ (Round to four decimal places.)

What is the days' sales in inventory ratio for 2014? ________ days (Round to four decimal places.)

What is the days' sales in inventory ratio for 2013? ________ days (Round to four decimal places.)

What is the receivables turnover ratio for 2014? ________ (Round to four decimal places.)

What is the receivables turnover ratio for 2013? _________ (Round to four decimal places.)

What is the days' sales in receivables ratio for 2014? _______ days (Round to four decimal places.)

What is the days' sales in receivables ratio for 2013? _______ days (Round to four decimal places.)

What is the total asset turnover ratio for 2014? _______ (Round to four decimal places.)

What is the total asset turnover ratio for 2013? ________ (Round to four decimal places.)

Should any of these ratios or the change in a ratio warrant concern for the managers of Tyler Toys or the shareholders?(Select the best response.)

A. The company has a very poor turnover of assets and collects its receivables quickly; thus there are some concerns from these ratios.

B. The company has a very good turnover of assets but collects its receivables slowly; thus there are some real concerns from these ratios.

C. The company has a very good turnover of assets and collects its receivables quickly; thus there are major concerns from these ratios.

D. The company has a very good turnover of assets and collects its receivables quickly; thus there are no real concerns from these ratios.