You have just been hired as a financial analyst for Lydex Company, a manufacturer of safety helmets. Your boss has asked you to perform a comprehensive analysis of the companys financial statements, including comparing Lydexs performance to its major competitors. The companys financial statements for the last two years are as follows:$$ Image $$ Image $$To begin your assignment you gather the following financial data and ratios that are typical of companies in Lydex Companys industry:$$ Image $3.$ You decide, finally, to assess the companys liquidity and asset management. For both this year and last year, compute:$$a$.$ Working capital.b$.$ The current ratio. $($Round your final answers to $2$ decimal places.$)$c$.$ The acid$-$test ratio. $($Round your final answers to $2$ decimal places.$)$d$.$ The average collection period. $($The accounts receivable at the beginning of last year totaled $$1,580,000.)($Use $365$ days in a year. Round your intermediate calculations and final answers to $2$ decimal place.$)$e$.$ The average sale period. $($The inventory at the beginning of last year totaled $$1,940,000.)($Use $365$ days in a year. Round your intermediate calculations and final answers to $2$ decimal place.$)$f$.$ The operating cycle. $($Round your intermediate calculations and final answers to $2$ decimal place.$)$g$.$ The total asset turnover. $($The total assets at the beginning of last year totaled $$12,980,000.)($Round your final answers to $2$ decimal places.$)$