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Financial statements for Askew Industries for 2021 are shown below (in thousands): 2021 Income Statement Net sales Cost of goods sold $ 8,700 (6,075)
Financial statements for Askew Industries for 2021 are shown below (in thousands): 2021 Income Statement Net sales Cost of goods sold $ 8,700 (6,075) 2,625 Gross profit Operating expenses (1,875) Interest expense (110) Income tax expense (256) Net income $ 384 Comparative Balance Sheets Dec. 2021 31 2020 Assets Cash Accounts receivable Inventory $ 510 $ 410 510 310 710 Property, plant, and equipment (net) 1,100 510 1,200 $2,830 $2,430 Liabilities and Shareholders' Equity Current liabilities Bonds payable $ 560 $ 310 950 950 Common stock 510 510 Retained earnings 810 660 $2,830 $2,430 Required: Calculate the following ratios for 2021. (Consider 365 days a year. Do not round intermediate calculations and round your final answers to 2 decimal places.) 1. Inventory turnover ratio 2. Average days in inventory days
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