Justice Corporation reported these figures: View the balance sheets. View the income statement. Justice Corporation has 2,500,000 shares of common stock outstanding. Its stock has traded recently at $32.90 per share. You would like to gain a better understanding of Justice Corporation's financial position. Assume all sales are on credit. Read the requirement. a. Inventory turnover Enter the formula on the first line, then calculate the inve Cost of goods sold Average inventory Requirement Calculate the following ratios for 2023 and interpret the results: Income Statement Justice Corporation Income Statement For the Year Ended December 31, 2023 (amounts in thousands) a. Inventory turnover b. Days' sales in receivables c. Acid-test ratio d. Times-interest-earned e. Gross profit percentage f. Operating income percentage g. Return on stockholders' equity h. Earnings per share i. Price/earnings ratio 2023 Sales revenues $ 15,330 Less: Cost of goods sold 5,120 Gross profit $ 10,210 3,010 Less: Operating expenses Operating income $ 7,200 300 Less: Interest expense Income before income taxes $ 6,900 4,550 Less: Income tax expense Net income $ Print Done 2,350 Balance Sheets Justice Corporation Balance Sheets December 31, 2023 and 2022 (amounts in thousands) 2023 2022 Assets Current assets: Cash $ 3,720 $ 2,600 Accounts receivable Inventory 3,000 2,460 1,900 1,300 2,300 1,990 Other current assets Print Done Total current assets $ 10,920 $ 8,350 20,000 18,000 Other assets $ 30,920 $ 26,350 Total assets Liabilities Total current liabilities $ 12,000 $ 7,920 10,500 8,050 Long-term liabilities Total liabilities $ 19,920 $ 18,550 Stockholders' equity Total common stockholders' equity Total liabilities and equity 11,000 7,800 $ 30,920 $ 26,350