84,500 10,601 316,604 51,800 58,000 4,722 280,983 Simon Company's year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Current Year 1 Year Ago 2 Years Ago $ 34,548 89,200 114,000 11,125 348,629 $ 40,383 $ 42,495 63,000 $ 597,502 $ 515,088 $ 145,802 Common stock, $10 par value Retained earnings 110,084 162,500 179,116 $ 85,309 116,101) 162,500 151,178 Total liabilities and equity Long-term notes payable $ 597,502 $ 515,088 $ 438,000 $ 56,660 94,862 162,500 123,978 $ 438,000 The company's income statements for the current year and one year ago follow. Assume that all sales are on credit: For Year Ended December 31 Current Year Sales $ 776,753 1 Year Ago $ 612,955 Cost of goods sold $473,819 Other operating expenses 240,793 Interest expense 13,205 Income tax expense 10,098 Total costs and expenses Net income Earnings per share $ 2.39 737,915 $ 38,838 $ 398,421 155,078 14,098 9,194 576,791 $ 36,164 $ 2.23 (3-a) Compute inventory turnover. (3-b) For each ratio, determine if it improved or worsened in the current year. Complete this question by entering your answers in the tabs below. Required 3A Required 3B Compute inventory turnover. Inventory Turnover Numerator: Denominator: Inventory Turnover = Inventory turnover Current Year: times 1 Year Ago: times Complete this question by entering your answers in the tabs below. Required 3A Required 3B For each ratio, determine if it improved or worsened in the current year. Inventory turnover