Hello,

I am currently stuck on a financial statement that asks for the computation of ratios. I have all coreect except for inventory turnover, and I've attached the problem below. Thank you for your help and time!

Given the financial statements for Jones Corporation and Smith Corporation: JONES CORPORATION Current Assets Liabilities Cash $ 121,300 Accounts payable Accounts receivable 81,890 Bonds payable (long term) Inventory 54,500 Long-Term Assets Stockholders' Equity Gross fixed assets $ 519,000 Common stock Less: Accumulated depreciation 151,200 Paid-in capital Net fixed assets 367,800 Retained earnings Total assets $ 625,000 Total liabilities and equity $ 122,000 82,400 $ 150,000 70,000 201.000 $ 625,400 Sales (on credit) Cost of goods sold Gross profit Selling and administrative expense! Depreciation expense Operating profit Interest expense Earnings before taxes TOX expense tot incom $ 1,252,000 758,000 44,000 311,000 51,900 $ 131,100 3,200 $ 122,900 100.000 5 22,300 "Use net fixed assets in computing fixed asset turnover Use net fixed assets in computing fixed asset tutaover. includes $13,500 in lease payments. $ 83,200 213,000 Current Assets Cash Marketable securities Accounts receivable Inventory Long-Term Assets Gross fixed assets Less: Accumulated depreciation tiet fixed assets Total assets SMITH CORPORATION Liabilities $36,500 Accounts payable 11,000 Bonds payable (long term) 75,700 30,500 Stockholders' Equity 545,000 Common stock 254.900 Paid-in capital 290, 100 Retained earnings $ 498,400 Total liabilities and equity $ 75,000 30,000 92,200 $ 498,400 *Use net fixed assets in computing fixed asset turnover SMITH CORPORATION Sales (on credit) Cost of goods sold Gross profit Selling and administrative expense" Depreciation expense Operating profit Interest expense Earnings before taxes Tax expense Net income $ 1,290,000 847,000 $ 443,000 248,000 55,000 $ 140,000 29,100 $ 110,900 59,800 $ 51,100 Tincludes $13,500 in lease payments. a. Compute the following ratios. (Use a 360-day year. Do not round intermediate calculations. Input your profit margin, return on assets, return on equity, and debt to total assets answers as a percent rounded to 2 decimal places. Round all other answers to 2 decimal places.) Answer is complete but not entirely correct. Jones Corp. Smith Corp. Profit margin 1.78% 3.96 % Retum on assets (Investments) 3.569 10.25% Return on equity 5.30% 25279 Receivable turnover 15.30 times 17.04 mes Average collection period 23.53 days 21.13 days Inventory lumover 13.91 times 10.02 times Fixed asset tumover 3:40 times 4.45 times Totale lumover 2.00 times 2.59 times Current ratio 2.11 times 250 times Quick ratio 1.66 times 149 times Debt to totalets 32.6896 5913 Times Interest earned 15.08 times 481 Simes Fixed charge coverage 6.66 es 3.60 times