JHULUurly y LUI LIU JUULILL LIVIUW. Current Yr 1 Yr Ago 2 Yrs Ago At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity $ 33,542 89, 109 115,000 10,802 325, 802 $ 574,246 $ 39,207 $ 40,841 62,100 51,600 84,000 50,000 10,292 4,538 299,441 269,721 $ 495,840 $ 416,700 $ 141,557 $ 82,825 $ 54,454 106,879 162,500 163,310 $ 574,246 112,721 91,170 162,500 162,500 136,994 108,576 $ 495,040 $ 416,700 . The company's income statements for the Current Year and 1 Year Ago, follow. Assume that all sales are on credit For Year Ended December 31 Current Yr 1 Yr Ago Sales $ 746,520 $ 589,098 Cost of goods sold $ 455,377 $ 382,914 Other operating expenses 231,421 149,042 Interest expense 12,691 13,549 Income tax expense 9,705 8,836 Total costs and expenses 709,194 554, 341 Net income $ 37,326 $ 34,757 Earnings per share $ 2.30 $ 2.14 BE Exercise 13-8 Part 3 2 (3-a) Compute inventory turnover. (3-b) For each ratio, determine if it improved or worsened in the current year. Complete this question by entering your answers in the tabs below. Required 3A Required 3B Compute inventory turnover. ces Inventory Turnover / Choose Denominator: Choose Numerator: Inventory Turnover Inventory turnover Current Yr: times 1 Yr Ago: times Required 3B > (4-a) Compute days' sales in inventory. (4-6) For each ratio, determine if it improved or worsened in the current year. Complete this question by entering your answers in the tabs below. Required 4A Required 48 Compute days' sales in Inventory. Days Sales In Inventory Choose Denominator: Choose Numerator: Days Days' Sales In Inventory Days' sales in inventory X = Current Yr: 1 days 1 Yr Ago: days Required 4B >