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Use the income statement and the balance sheet to calculate the following:a. Colvin's rate of...

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Accounting

Use the income statement and the balance sheet to calculate the following:a. Colvin's rate of inventory turnover and days' inventory outstanding for 2021.b. Days sales in average receivables (days' sales outstanding) during 2021(round dollar amounts to one decimal place). Assume all sales are made on account.c. Accounts payable turnover and days' payables outstanding for 2021. For this purpose, assume that the impact of inventories on cost of goods sold is immaterial, allowing you to use cost of goods sold rather than purchases in your computations.d. Length of cash conversion cycle in days for 2021.Do these measures look strong or weak?
Give the reason for your answer.
A.Use the income statement and the balance sheet to calculate Colvins rate of inventory turnover and days inventory outstanding for 2021. begin by selecting the formula and then enter the amounts to calculate inventory turnover. (Enter currency amounts in millions as given in the question. Round the inventory turnover to two decimal places, X.XX)
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