-/1 E Question 4 of 6 View Policies Current Attempt in Progress Marx Designs operates an exclusive bridal boutique in Manhattan. All gowns are designed by Lang but are manufactured by various small forms in France and Italy December 31 2021 December 31 2020 Marx Designs Balance Sheets Assets Current assets Cash $64,720 $88,608 352,367 335,482 1.804,000 1.741,500 61.901 64 480 2,282.988 2.230,070 1,599,112 1.599,112 $3,882,100 $3,829,182 Accounts receivable Inventory Prepaid expenses Total current assets Building, furniture and equipment, net Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Bank loan payable Other accrued payables Total current liabilities Long-term debt Total liabilities Stockholders' equity Common stock Retained earnings $72,771 $65,431 88.678 110,570 13,094 11,108 174,543 187,109 312,285 364,013 486,828 551,122 1.254,891 1,254,891 2.140.381 2.023,169 Total stockholders' equity 3,395,272 3.278,060 Total liabilities and stockholders' equity $3,882.100 $3,829.182 Marx Designs Income Statements December 31, 2021 $20,551,074 December 31, 2020 $19,353,027 12,556,215 14,558,280 5.992,794 6,796,812 643,310 2,678,536 577,693 2,309,311 Net sales Cost of goods sold Gross margin Operating expenses: Selling expenses General and administrative expenses Total operating expenses Operating income Interest expense Income before taxes Income taxes Net income 3,321,846 2,887,004 2,670,948 28.754 2,642,194 3.909,808 38,046 3,871,762 774,352 $3,097,410 528,439 $2,113,755 Assume you are the vice president of operations of Marx. To prepare for a meeting with Adrienne Alello, the company president, you are in the process of analyzing inventory (a) Compute inventory turnover and days' sales in inventory. (Round all answers to 2 decimal places, 3.5.25) 2021 2020 Inventory turnover times times Days' sales in inventory days days