Western 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 Western'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 $0\mathrm{.}92?$

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.$)$

How does the quick $($acid$-$test$)$ ratio compare to the industry average of $0\mathrm{.}92?$

Western's position is compared to the industry average of $0\mathrm{.}92.$

Requirement $2.$ Compare days' sales outstanding for $2022$ with the company's credit terms of net $30$ days.

Begin by selecting the formula, then enter the amounts to calculate the days' sales outstanding. $($Round interim calculations to two decimal places, XX$.$XX and the days' sales outstanding $($DSO$)$ up to the next whole day.$)$

$+1$

Western's days' sales outstanding is

the credit terms of net $30.$

Data table

$\backslash$table$[[$Current assets:,$2022,2021],[$Cash$,,$$$,9,200,$$$,9,200],[$Short$-$term investments,,,$16,000,,12,500],[$Accounts receivable,$$,81,000,$$$,81,500,],[$Less: Allowance for uncollectibles,,$(7,500),73,500,(5,500),76,000],[$Inventory$,,,194,000,,195,500],[$Prepaid insurance,,,$2,100,,2,100],[$Total current assets,,,$294,800,,295,300],[$Total current liabilities,,,$105,000,,108,000],[$Net sales $($all on account$),,,971,750,,735,000]]$