Refer to the information in Exercise 1-3 about Mixon Company. The company's income state- ments for the years ended December 31, 2006 and 2005 show the following: 3 2006 2005 $672,500 $530,000 $344,500 133,980 12,300 7,845 Cost of goods sold . Other operating expenses . $410,225 208,550 ...8,525 Total costs and expenses . . .. Net income .. Earnings per share .. (638,400) 34,100 (498,625) 31,375 $ 1.93 . . . . Required For the years ended December 31,2006 and 2005, assume all sales are on credit and then compute the following: (a) collection period, (b) accounts receivable turnover, ( inventory turnover, and (d) days' sales in inventory. Comment on the changes in the ratios from 2005 to 2006. Refer to the information in Exercise 1-3 about Mixon Company. The company's income state- ments for the years ended December 31, 2006 and 2005 show the following: 3 2006 2005 $672,500 $530,000 $344,500 133,980 12,300 7,845 Cost of goods sold . Other operating expenses . $410,225 208,550 ...8,525 Total costs and expenses . . .. Net income .. Earnings per share .. (638,400) 34,100 (498,625) 31,375 $ 1.93 . . . . Required For the years ended December 31,2006 and 2005, assume all sales are on credit and then compute the following: (a) collection period, (b) accounts receivable turnover, ( inventory turnover, and (d) days' sales in inventory. Comment on the changes in the ratios from 2005 to 2006