1. Compute the following ratios for 2011: current, average collection period, and inventory turnover. Assume all sales are on credit.

2. Assess Hershey's liquidity compared with the follwoing averages for the food processing industry as provided by Reuters and with ratios computed for Tootsie Roll.

.................................................Reuters Averages (as of August 31, 2012)........................Tootsie Roll (year ended 2011

Current ratio...............................................1.38 times...........................................................................3.64 times

Average collection period........................19.1 days.............................................................................27.4 days

Inventory turnover.......................................5.89 times............................................................................5.69 times

colection period 27.4 days 680 CONSOLIDATED BALANCE s bas esa 884.642 ormed income taxes Provo ea penses ma oher Pedert plant and equiament, net 111913 and Stockholders' EquRy s 420.017 410.600 612 24088 son long term det 1113.715 290269, 2011 195.32 in 2030 stock,shares att Toe,419 in 2010 2011 and 132,571s12 2010 hershey campsemt stoc