Question: Problem 1-3 (Static) Consider the following financial data from the past year for Midwest Outdoor Equipment Corporation. Gross income $ 25, 240,000 Total sales 24,324,000

year for Midwest Outdoor Equipment Corporation. Gross income $ 25, 240,000 Total

Problem 1-3 (Static) Consider the following financial data from the past year for Midwest Outdoor Equipment Corporation. Gross income $ 25, 240,000 Total sales 24,324,000 Total credit sales 18,785,000 Net income 2,975,000 Cost of goods sold 12,600,000 Total assets 10,550,000 Average inventory 2,875,000 Average receivables 3,445,000 a. Compute the receivable turnover ratio. (Round your answer to 3 decimal places.) Receivable turnover ratio b. Compute the inventory turnover ratio. (Round your answer to 3 decimal places.) Inventory turnover ratio c. Compute the asset turnover ratio. (Round your answer to 3 decimal places.) Asset tumaver ratio

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