At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Current Yr 1 Yr Ago 2 Yrs Ago 31,800 $ 35,625 $ 37,800 89,500 62,500 50,200 112,500 10,700 278,500 82,500 54,000 9,375 5,000 255,000 230,500 Total assets Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity $ 523,000 $ 445,000 $ 377,500 $ 129,900 $ 75,250 $ 51,250 98,500 163,500 131,100 101,500 163,500 104,750 83,500 163,500 79,250 $ 523,000 $ 445,000 $ 377,500 The company's income statements for the Current Year and 1 Year Ago, follow. Assume that all sales are For Year Ended December 31 Current Yr 1 Ye Ago $532,000 Sales Cost of goods sold Other operating expenses Interest expense Income tax expense. Total costs and expenses Net income Earnings per share $673,500 $411,225 209,550 12,100 9,525 $345,500 134,980 13,300 8,845 642,400 502,625 $ 31,100. $ 29,375 $ 1.90 $ 1.80 Compute Inventory turnover. Inventory Turnover Choose Numerator Cost of goods sold Choose Denominator: Average inventory Current Yr: 411,225 / 1 Yr Ago: 345,500 7 Required A Required 3B > Inventory Turnover Inventory turnover 0 times 0 times