Compute inventory turnover.

Simon Company's year-end balance sheets follow. At December 31 Current Year 1 Year Ago 2 Years Ago Assets Cash $ 29, 050 $ 33, 957 $ 35, 372 Accounts receivable, net 89, 100 62, 700 51, 400 Merchandise inventory 112, 000 84 , 000 52. 000 Prepaid expenses 9 , 355 8. 914 3, 930 Plant assets, net 257, 844 239, 178 218, 198 Total assets $ 497, 349 $ 428, 749 $ 360, 900 Liabilities and Equity Accounts payable $ 122, 602 $ 71, 734 $ 47, 162 Long-term notes payable 92, 567 97, 626 78, 961 Common stock, $10 par value 162, 500 162 , 500 162 , 500 Retained earnings 119, 680 96, 889 72 , 277 Total liabilities and equity $ 497, 349 $ 428, 749 $ 360, 900 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 1 Year Ago Sales $ 646, 554 $ 510, 211 Cost of goods sold $ 394, 393 9 331, 637 Other operating expenses 200, 432 129, 083 Interest expense 10, 991 1, 73 Income tax expense 8, 405 7. 653 Total costs and expenses 614, 226 480, 108 Net income $ 32, 328 $ 30, 103 Earnings per share $ 1.99