Compare your answers to the solutions provided below.

Solve for:	Formula:	Solution:
Inventory Turnover	Cost of Goods Sold / Average Inventory	$2,800 / (($190 + $185) / 2) = 14.933
Days to Sell Inventory	365 / Inventory Turnover	365 / 14.933 = 24.44 days
Accounts Receivable Turnover	Sales / Average Accounts Receivable	$4,200 / (($280 + $300) / 2 ) = 14.483 times
Receivable Collection Period	365 / Accounts Receivable Turnover	365 / 14.483 = 25.20 days
Working Capital Turnover	Sales / Average Working Capital*	$4,200 / (($510 + $505) / 2) = 8.276 times
Total Asset Turnover	Sales / Average Total Assets**	$4,200 / (($2,255 + $2,110) / 2) = 1.924 times
Fixed Asset Turnover	Sales / Average Fixed Assets	$4,200 / (($1,450 + $1,330) / 2) = 3.022 times
Equity Turnover	Sales / Average Equity	$4,200 / (($1,410 + $1,235) / 2) = 3.176 times

*Note: working capital was solved on previous page.

**Note: When calculating the Total Asset Turnover, some analysts may prefer to calculate using the current asset amount, in which: $4,200 / $2,255 = 1.8625 times (You will need this figure shortly in order to decompose Return on Equity (ROE).)