Pilgrim Products reported the following amounts in its 2022 financial statements. The 2021 amounts are given for comparison. (Click the icon to view the financial data.) Read the requirements. Requirement 1. Compute Pilgrim's quick (acid-test) ratio at the end of 2022. Round to two decimal places. How does the quick ratio compare with the industry average of 0.92? Begin by selecting the formula, then enter the amounts and compute the quick (acid-test) ratio. (Abbreviation used: Cash* = Cash and cash equivalents. Round the quick (acid-test) ratio to two decimal places.) Data table 2022 2021 Quick (acid-test) ratio - X Current assets: Cash Short-term investments $ 9,700 S 9,700 13,500 10,500 Accounts receivable S 81,500 $ 70,300 Less: Allowance for uncollectibles (7,700) (5,700) 73,800 64,600 Inventory 190,000 192,000 Prepaid insurance 2,000 2,000 Total current assets 289,000 278,800 Total current liabilities 100,000 109,000 Net sales (all on account) 553,600 738,000 Requirements 1. Compute Pilgrim's quick (acid-test) ratio at the end of 2022. Round to two decimal places. How does the quick ratio compare with the industry average of 0.92? 2. Compare days' sales outstanding for 2022 with the company's credit terms of net 30 days. Print Done