Problem 4-12 (Algo) Calculating activity and profitability ratios (L04-10] Financial statements for Askew Industries for 2021 are shown below (in thousands): 2021 Income Statement Net sales $ 9,600 Cost of goods sold (6,450) Gross profit 3,150 Operating expenses (2,250) Interest expense (260) Income tax expense (256) Net income $ 384 Comparative Balance Sheets Dec. 31 2021 2020 Assets Cash Accounts receivable Inventory Property, plant, and equipment (net) $ 660 660 860 2,600 $4,780 $ 560 460 660 2,700 $4,380 Liabilities and Shareholders' Equity Current liabilities Bonds payable Common stock Retained earnings $1,460 1,700 660 960 $4,780 $1,210 1,700 660 810 $4,380 Required: Calculate the following ratios for 2021. (Consider 36 days a year. Do not round intermediate calculations and round your final answers to 2 decimal places.) ULULI Lyully Current liabilities Bonds payable Common stock Retained earnings $1,460 1,700 660 960 $4,780 $1,210 1,700 660 810 $4,380 Required: Calculate the following ratios for 2021. (Consider 365 days a year. Do not round intermediate calcu answers to 2 decimal places.) 8.49 days days 1. Inventory turnover ratio 2. Average days in inventory 3. Receivables turnover ratio 4. Average collection period 5. Asset turnover ratio 6. Profit margin on sales 7. Return on assets 8. Return on equity 9. Equity multiplier 10. Return on equity (using the DuPont framework) % % % times %