Refer to Steele's financial statements in Exercise 12-76 and the information below.

Required:
1. Compute the three asset efficiency ratios (rounded to two decimal places) for 2018 and 2019.
2. Indicate the length of Steele’s operating cycle in days (rounded to two decimal places) for the years ended December 31, 2019, and December 31, 2018.

Refer to exercise 12-76,

Steele Inc.

Consolidated Income Statements

(In thousands except per share amounts)

Steele Inc.
Consolidated Balance Sheets
(In thousands)

Transcribed Image Text:

January 1, 2018 (in thousands) $ 752,945 Statement Item Accounts receivable Inventories Total assets 698,604 3,485,233 2019 2018 2017 Net sales Cost of goods sold Gross margin General and administrative $7,245,088 (5,286,253) $ 1,958,835 $6,944,296 (4,953,556) $ 1,990,740 $ 6,149,218 (4,355,675) $ 1,793,543 (1,259,896) 2,617 $ 701,556 (63,685) 7,308 (1,202,042) (1,080,843) expenses Special and nonrecurring items Operating income Interest expense Other income Gain on sale of investments $ 788,698 (62,398) 10,080 9,117 $ 745,497 (290,000) $ 455,497 $ 712,700 (63,927) 11,529 $ 645,179 (254,000) $ 391,179 $ 660,302 (257,000) 403,302 Income before income taxes Provision for income taxes Net income