Quick (acid test) ratio. Select the formula and then enter the amounts to calculate the acid-test ratio. (Abbreviations used: Avg = average, ST = short-term, and Cash^* = cash and cash equivalents. c. Inventory turnover and days' inventory outstanding (DIO). Begin by selecting the formula and then enter the amounts to calculate inventory turnover. Now, select the formula and them enter the amounts to calculate days' inventory outstanding (DIO). d. Accounts receivable turnover. Select the formula and then enter the amounts to calculate accounts receivable turnover