Part B (20 points) Selected data of the Peninsula Company follow: As of December 31 Balance Sheet Data 2014 2013 Accounts receivable $671,000 $642,000 Allowance for doubtful accounts 31,000 22,000 Net accounts receivable $640,000 $620,000 Inventorieslower of cost or market $542,500 $642,500 Year Ended December 31 Income Statement Data 2014 2013 Net credit sales $3,150,000 $3,000,000 Net cash sales 800,000 600,000 Net sales $3,950,000 $3,600,000 Cost of goods sold $2,370,000 $2,160,000 Selling, general, and administrative expenses 475,000 350,000 Other 150,000 125,000 Total operating expenses $2,995,000 $2,635,000 Net income $955,000 $965,000 a. What is the accounts receivable turnover for 2014? b. What is the inventory turnover for 2014? Part C (40 points) Selected information taken from the 2014 annual report of Aardvark Company follows. During 2014, the company had no nonoperating or nonrecurring items included in income and had no outstanding preferred stock. ($ in millions) 2014 2013 Sales $19,903 $18,781 Interest expense 130 169 Net income 1,153 1,088 Total assets 12,673 12,461 Dividends (153) (131) Total stockholders equity $4,288 $4,007 Assumed tax rate 35% 35% Industry ROA 7.32% Industry operating profit margin 6.1% For 2014, calculate: a. ROA b. ROCE c. Operating profit margin d. Asset turnover