Cash 62,700 56.500 89,400 62,700 56,500 113,50085,000 50,000 4,222 290. 125 266.833 238,980o s 534,282 $ 460,588 $ 387,700 Merchandise inventory Prepaid expenses Total assets Liabilities and Equity 0,050 Accounts payable s 131,706 $ 77,061 50,665 99,441 104,876 84, 825 162,500 162,500 162,500 140,635 116,151 89,710 534,282 460,588 387,700 Retained earnings Total liabilities and equity The company's income statements for the years ended December 31, 2017 and 2016, follow. Assume that all sales are on credit: For Year Ended December 3 548,100 Cost of goods sold s 423,686 215,316 11,808 9,029 s 356,265 12,606 8,222 Income taxes Total costs and expenses Net income 515,162 $ 32,338 1.99 $ 34,728 $ 2.14 Exercise 13-8 Part 3 (3) Compute inventory turnover Choose DenominatorInven 2017 2016