EXERCISE 1-5 Refer to the information in Exercise 1-3 about Mixon Company. The company's income stateErathativg Shart Tenm ments for the years ended December 31, 2006 and 2005 show the following: Lairaility Required: For the years ended December 31,2006 and 2005, assume all sales are on credit and then compute the following: (b) collection period, (b) accounts receivable tumover, (G) inventory turnover, and (d) days' sales in inventory. Comment on the changes in the ratios from 2005 to 2006. EXERCISE 1-5 Refer to the information in Exercise 1-3 about Mixon Company. The company's income stateErathativg Shart Tenm ments for the years ended December 31, 2006 and 2005 show the following: Lairaility Required: For the years ended December 31,2006 and 2005, assume all sales are on credit and then compute the following: (b) collection period, (b) accounts receivable tumover, (G) inventory turnover, and (d) days' sales in inventory. Comment on the changes in the ratios from 2005 to 2006