High's Companies, a home improvement store chain, reported the following summarized figures:

High's Companies, a home improvement store chain, reported the following summarized figures (Click the icon to view the income statement) (Click the icon to view the balance sheets.) High's has 100,000 common shares outstanding during 2018. Read the requirements Requirement 1. Compute the inventory turnover, days' sales in inventory, and gross profit percentage for High's Companies for 2018. Compute the inventory turnover. (Round your answer to two decimal places, XXX) The inventory turnover High's Companies Income Statement Years Ended May 31, 2018 and 2017 2018 2017 Net Sales Revenue Cost of Goods Sold Interest Expense All Other Expenses Net Income 49,200 $ 41,100 29,300 460 8,400 2,940 20,800 500 6,900 21,000 S High's Companies Balance Sheet May 31, 2018 and 2017 Assets Liabilities 2018 2017 2018 2017 Cash Short-term Investments Accounts Receivable Merchandise Inventory Other Current Assets Total Current Assets All Other Assets Total Assets 2,500 $ 1,900 Total Current Liabilities $ 11,000 Long-term Liabilities 5,400 Total Liabilities 7,200 1,800 Common Stock 12,900 9,800 22,700 22,000 $ 13,700 26,000 7,300 7,100 6,000 35,700 Stockholders' Equity 10,000 35,200 45,200 80,900 S 10,000 23,600 33,600 56,300 48,900 32,000 80,900 S 27,300 Retained Earnings 29,000 Total Equity 56,300 Total Liabilities and Equity 1. Compute the inventory turnover, days' sales in inventory, and gross profit 2. Compute days' sales in receivables during 2018. Round intermediate 3. What do these ratios say about High's Companies' ability to sell inventory and percentage for High's Companies for 2018. calculations to three decimal places. Assume all sales were on account. collect receivables