Current Y 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 per value Retained earnings Total liabilities and equity $ 32,409 89,700 112,000 10,437 321,745 $ 566,291 $ 37,883 $ 40,275 62,380 51, 109 82,000 53,000 9,944 4,475 296,055 270.550 $ 488,182 $ 419,400 $ 136,726 $ 80,028 $ 53,700 103,269 162,500 163 746 $ 566,291 108,913 89,907 162,500 162,500 136,741 112 293 $ 488,182 $ 419,400 The company's income statements for the Current Year and 1 Year Ago follow. Assume that all sales are on credit: For Year Ended December 31 Current Ye 1 Ye Age Sales $ 736, 178 $ 580,937 Cost of goods sold $ 449,069 $ 377,609 Other operating expenses 228, 215 146,97% Interest expense 12,515 13,362 Income tax expense 9,570 8.714 Total costs and expenses 699,369 546,662 Net income $ 36,809 $ 34,275 Earnings per share $ 2.27 $ 2.11 Required information (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 38 Compute inventory turnover. Inventory Turnover Choose Denominator Choose Numerator Inventory Turnover Inventory tumover Current Yr: O times 0 times 1 Yr Ago: RA Required 3B >