Exercise 17-8 Part 3 3) Compute Inventory turnover. Inventory Turnover Choose Denominator: Inventory Turnover Choose Numerator: Inventory turnover times 2017: times 2016: Exercise 17-8 Part 4 4) Compute days' sales In Inventory. Days Sales In Inventory Choose Numerator: Choose Denominator Days Days' Sales In Inventory Days sales in inventory 0 days 2017: X 2016 0 days X Required Information Exerclse 17-8 Liquidity analysis and Interpretation LO P3 The following Information applles to the questions displayed below] Simon Company's year-end balance sheets follow. At December 31 2017 2016 2815 Assets 30,675 35,856 62.800 84,000 Cash 36,977 55,70e 52,000 4,109 224,714 Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net 89,6ee 112.080 9,878 277,759 9,412 256,132 519,912 $ 448, 280 373,500 Total assets Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Conmon stock, $1e par value Retained earnings 129,458 $ 75,746 49, 302 97,743 162.500 130,211 103,e86 162,500 106.868 82,544 162,5ee 79,154 $ 519,912 448, 280 373,5ee Total 1iabilities 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 31 2817 2016 $ 675,886 $ 533,358 Sales $346.683 134,940 12, 267 8,000 Cost of goods sold Other operating expenses Interest expense $ 412.290 289,525 11,49e Income taxes 8.787 Total costs and expenses 501.890 642,092 33,794 31,468 Net income 2.88 1.94 Earnings per share