Ircome Statement \begin{tabular}{|c|c|c|c|c|c|c|c|c|} \hline & \multicolumn{3}{|c|}{ Assets } & & \multicolumn{4}{|c|}{ Liabilities } \\ \hline & \multicolumn{2}{|c|}{2024} & 2023 & & \multicolumn{3}{|c|}{2024} & 2023 \\ \hline Cash & 5 & 2,200$ & 1,700 & Total Cunent Liabilities & & & 24,0005 & 13.300 \\ \hline Short-term Investments & & 29,000 & 13,000 & Long-term Liabilities & & & 13,900 & 10.500 \\ \hline Accounts Receivable & & 7.400 & 5,700 & Total Labilties & & & 37,900 & 23.800 \\ \hline Merchandise Inventory & & 7.300 & 8,200 & & thol & der & Equity & \\ \hline Other Current Assets & & 6.000 & 1,700 & Common Stock & & & 10,000 & 10,000 \\ \hline Total Current Assets & & 51.900 & 30,300 & Retained Eamings & & & 38,000 & 25.500 \\ \hline All Other Assets & & 34,000 & 29,000 & Total Equity & & & 48,000 & 35,500 \\ \hline Total Assets & s & 85,900 \$ & 59,300 & Total Labities and Eq & & 5 & 85,900$ & 59,300 \\ \hline \end{tabular} Low's Companies, a home improvement store chain, reported the following summarized figures: EII (Click the icon to view the income statement) [Click the icon to view the balance sheets.) Low's has 20,000 common shares outstanding during 2024 . Read the requirements. Requirement 1 Compute the inventory turnover, days' sales in inventory, and gross profit percentage for Low/s Cornpanies for 2024. Compute the inventory turnover. (Round your answer to two decimal places, XXX.) Theinventoryturnover=CostofgoodssoldAveragemerchandiseinventory=times. Compute the days' sales in inventory. (Round interim calculations to two decimal places, XXX and round your final answer to the nearest whole day.) Thedayssalesininventory=1days