Jim Short’s Company makes clothing for schools. Sales in 20X1 were $4,490,000. Assets were as follows: Cash $ 110,000 Accounts receivable 864,000 Inventory 493,000 Net plant and equipment 504,000 Total assets $ 1,971,000 a. Compute the following: (Round your answers to 2 decimal places.) Turnover Ratios 1. Accounts receivable turnover times 2. Inventory turnover times 3. Fixed asset turnover times 4. Total asset turnover times + b. In 20X2, sales increased to $5,040,000 and the assets for that year were as follows: Cash $ 110,000 Accounts receivable 981,000 Inventory 1,007,000 Net plant and equipment 504,000 Total assets $ 2,602,000 Turnover Ratios 1. Accounts receivable turnover times 2. Inventory turnover times 3. Fixed asset turnover times 4. Total asset turnover times + Compute the following: (Round your answers to 2 decimal places.) c. Is there an improvement or a decline in the total asset turnover? Decline Improvement