Problem 3-21 Turnover ratios [L03-2] 32 Jim Short's Company makes clothing for schools. Sales in 20X1 were $4,550,000. Assets were as follows: Cash 192,000 points Accounts receivable 823,000 411,000 Inventory Net plant and equipment 521,000 $1,947,000 Total assets ook Hint a. Compute the following: (Round your answers to 2 decimal places.) References Turnover Ratios times times 1.Accounts receivable turnover 2. Inventory turnover 3. Fixed asset turnover 4. Total asset turnover times times LO b. In 20X2, sales increased to $5,820,000 and the assets for that year were as follows: 32 Cash 192,000 Accounts receivable 903,000 981,000 Inventory Net plant and equipment 521,000 $2,597,000 5 Total assets points Compute the following: (Round your answers to 2 decimal places.) ook Hint Turnover Ratios times |times times times 1. Accounts receivable turnover 2. Inventory turnover 3. Fixed asset turnover 4. Total asset turnover References c. Is there an improvement or a decline in the total asset turnover? ODecline Improvement