Low'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.) Low's has 50,000 common shares outstanding during 2024. Read the requirements. Part 1 of 5 Requirement 1. Compute the Inventory turnover, days' sales in inventory, and gross profit percentage for Low's Companies for 2024. Compule the inventory turnover. (Round your answer to two decimal places, X.XX.) The inventory turnover = L times. Income Statement Balance Sheets Requirements Points: 0 of 10 1. Compute the inventory turnover, days' sales in inventory, and gross profit percentage for Low's Companies for 2024. 2. Compute days' sales in receivables during 2024, Round intermediate calculations to three decimal places. Assume all sales were on account. 3. What do these ratios say about Low's Companies' ability to sell inventory and collect receivables? Print Done Low's Companies Balance Sheet May 31, 2024 and 2023 - X Assets Liabilities Low's Companies 2024 2023 2024 2023 Income Statement Cash $ 2,300 $ Years Ended May 31, 2024 and 2023 Short-term Investments 25,000 2024 2023 Accounts Receivable 7,400 1,700 Total Current Liabilities 11,000 Long-term Liabilities 5,600 Total Liabilities $ 27,000 $ 13,300 12,800 12,600 39,800 25,900 Net Sales Revenue S 42,400 S 38,800 Merchandise Inventory 7,200 8,200 Stockholders' Equity Cost of Goods Sold 20,600 25,500 6,000 Other Current Assets 2,100 Common Stock 13,000 13,000 Interest Expense All Other Expenses 500 5,800 140 8,400 Total Current Assets 47,900 $ 15,500 $ 4,760 All Other Assets Net Income $ 31,000 78,900 S 28,600 Retained Earnings 25,000 Total Equity 26,100 14,700 39,100 27,700 53,600 $ Total Assets Total Liabilities and Equity 78,900 $ 53,600