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Which of the following formula does not reflect the firm's efficiency management? 1) (Accounts Payables) / (Annual Purchases / 365) 2) 365 / (Inventory Turnover)

Which of the following formula doesnotreflect the firm's efficiency management?

1)

(Accounts Payables) / (Annual Purchases / 365)

2)

365 / (Inventory Turnover)

3)

(Earnings available to common shareholders) / Assets

4)

(Accounts Receivables) / (Net Sales/ 365)

I chose 1 but I'm not sure with my ans

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