The 2024 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 2024 and 2023:

Required:
1. Determine the following ratios for 2024:
a. Inventory turnover
b. Receivables turnover
c. Average collection period
d. Asset turnover
2. Assess Anderson’s asset management relative to its industry.

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Assets Cash Accounts receivable Inventory Property, plant, and equipment (net) Total assets Liabilities and Shareholders' Equity Current liabilities Bonds payable Common stock Retained earnings Total liabilities and shareholders' equity Some industry averages for Anderson's line of business are Inventory turnover Average collection period Asset turnover ($ in thousands) 2024 $ 300 700 900 2,400 $4,300 $ 960 1,200 1,000 1,140 $4,300 5 times 25 days 1.8 times 2023 $ 380 500 700 2,120 $3,700 $ 830 1,200 1,000 670 $3,700