Question 8 (8 marks). The following select information is taken from Blueberry Pie Corp.s statements of financial position at December 31, 2019 and 2020, and their income statement for calendar 2020:

2020 2019

Assets:

Cash....................................................... $ 18,000 $ 22,000

Short Term investments........................... 25,000 -0-

Accounts receivable................................. 38,000 42,000

Inventory.................................................. 61,000 52,000

Prepaid insurance....................................... 6,000 9,000

Long-term investments............................. 49,000 20,000

Equipment (net)...................................... 130,000 130,000

Land.......................................................... 33,000 33,000

Goodwill.................................................. 55,000 55,000

Total assets.......................................... $ 415,000 $ 363,000

Net income................................................... $ 62,250

Sales (all on credit)........................................ 305,000

Cost of goods sold......................................... 123,000

Interest expense............................................... 15,600

Income tax expense......................................... 17,450

Tax rate = 28%

Instructions: From the above information, calculate the following ratios for 2020 (using formula sheet provided on page 9), rounding to 1 decimal place (2 marks each):

Ratio for 2020	Amount
1.Inventory turnover
2. Accounts receivable turnover
3. Return on assets ratio
4.Gross profit percentage ratio