The 2021 income statement of Anderson Medical Supply Company reported net sales of $8 million, cost of goods sold of $4.8 million, and net income of $800,000. The following table shows the company?s comparative balance sheets for 2021 and 2020:

Some industry averages for Anderson?s line of business are

Inventory turnover ........................5 timesAverage collection period ............25 daysAsset turnover ..............................1.8 times

Required:1. Determine the following ratios for 2021:a. Inventory turnoverb. Receivables turnoverc. Average collection periodd. Asset turnover2. Assess Anderson?s asset management relative to its industry.

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($ in thousands) 2021 2020 Assets $ 300 $ 380 Cash Accounts receivable 700 500 900 Inventory Property, plant, and equipment (net) 700 2,400 2,120 $4,300 $3,700 Total assets Liabilities and Shareholders' Equity $ 960 $ 830 Current liabilities Bonds payable 1,200 1,200 1,000 Common stock 1,000 Retained earnings 1,140 670 Total liabilities and shareholders' equity $4,300 $3,700