Consider the following financial data from the past year for midwest outdoor equipment corporation.
gross income.......... $25,240,000
total sales........... 24,324,000
total credit sales......... 18,785,000
net income............ 2,975,000
cost of goods sold......... 12,600,000
total assets............ 10,550,000
average inventory......... 2,875,000
average receivables......... 3,445,000
a. compute the receivable turnover ratio.
b. compute the inventory turnover ratio.
c. compute the asset turnover ratio.