Hajar's, a home Improvement store chain, reported these summarized figures: (Click the icon to view the income statement. (Click the icon to view the balance sheets.) Compute the following: a. The rate of inventory turnover for 2017 b. Days' sales in average receivables during 2017. Assume all sales are on credit. a. Compute the rate of inventory tumover for 2017. First enter the formula, then compute the inventory tumover for 2017. (Round your answer to two decimal places.) Inventory turnover Choose from any drop-down list and then click Check Answer. 3 s remaining parts Clear All Income statement Hajjar's Income Statement For The Year Ended December 31, 2017 2017 Sales revenues 41,044,250 21,720,000 Less: Cost of goods sold Gross profit Less: Operating expenses Operating income Less: Interest expense Income before income taxes Less: Income tax expense 19,324,250 5,099,120 en II 14,225,130 217,700 14,007 430 1.930,200 Net income 12,077,230 Print Done Clear All Balance sheets Hajjar's Balance Sheets December 31, 2017 and 2016 2017 2016 Assets Current assets Cash $ 1,250,000 $ 200,000 Short-term investments Accounts receivable Inventory 100.200 809,000 266,000 396,100 4.140,000 401,500 4,610,000 107.000 Other current assets Total current assets Other noncurrent assets 6,667,200 $ 12,400,000 19,067,200 $ 6.012,600 11,610,000 17.622,600 Total assets $ Liabilities Current liabilities: Accounts payable Notes payable $ 3,300,000 $ 925,000 2,950,000 635.000 Print Done Balance sheets Duroy Tuo Other current assets Total current assets $ 6,667,200 $ 12,400,000 19,067,200 $ 6,012,600 11,610,000 Other noncurrent assets $ 17,622,600 Total assets Liabilities Current liabilities: Accounts payable $ Notes payable 3,300,000 $ 925,000 205,000 2,950,000 635,000 75,000 Accrued liabilities Total current liabilities 4,430,000 $ 4,296,000 3,660,000 4,218,000 Long-term liabilities Total liabilities 8,726,000 $ 7.878,000 Stockholders' equity Common stock, no par $ 2,500,000 $ 7,841,200 3,000,000 6.744.600 Retained earnings $ 10,341,200 S 9.744.600 Total stockholders' equity $ 19,067 200 $ 17,622,600 Total liabilities and equity Print Done