Check my work 7 Required information Part 3 of 4 (The following information applies to the questions displayed below.) Simon Company's year-end balance sheets follow. 2. points Current Yr 1 Yr Ago 2 Yrs Ago At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net 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 $ 30,735 90,000 110,000 9,898 270,084 $510,717 $ 35,926 $ 36,323 62,600 51,000 84,500 53,000 9,431 4,036 247,816 215,341 $ 440,273 $ 359,700 eBook $129,712 $ 75,894 Hint $ 48, 430 97,935 162,500 120,570 $510, 717 103,288 81,084 162,500 162,500 98,591 67,686 $ 440,273 $ 359, 700 Print The company's credit: ome statements for the Current Year and 1 Year Ago, follow. Assume that all sales are on For Year Ended December 31 Sales Cost of goods sold Other operating expenses Interest expense Income tax expense Total costs and expenses Net income Earnings per share Current Yr $ 663,932 $ 404,999 205,819 11,287 8,631 630, 736 $ 33,196 $ 2.04 1 Yr Ago $ 523, 925 $ 340,551 132,553 12,050 7,859 493,013 $ 30,912 $ 1.90 (3-a) Compute inventory turnover. (3-b) For each ratio, determine if it improved or worsened in the current year. 11,287 8,631 12,050 7,859 Interest expense Income tax expense Total costs and expenses Net income Earnings per share 630,736 $ 33, 196 $ 2.04 493,013 $ 30,912 $ 1.90 (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 1 Choose Denominator: Choose Numerator: Inventory Turnover Cost of goods sold Average inventory Inventory turnover Current Yr: $ E 404,9997 0 times 1 Yr Ago: $ 340,551 / 0 times Required 3B