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Required information (The following information applies to the questions displayed below.) The Slumber Store (TSS) is a national wholesaler of beds, mattresses, pillows, and sheets. Key totals from TSS's most recent and forecasted financial statements are presented in the table below. From the income statement Last Year This Year Next Year Sales Revenue $560,000 $615,000 $770,000 Cost of Goods Sold 346,500 405,250 556,300 Gross Profit 213,500 209,750 213,700 From the balance sheet Inventories Last Year $ 88,000 This Year $101,808 Next Year $179,825 Required: 1. Use the financial statement totals to compute the company's actual inventory turnover ratio for this year and its forecasted inventory turnover ratio for next year. Also compute the days-to-sell for this year (actual) and next year (forecasted). Is inventory turnover expected to improve or worsen next year? 2. Use the financial statement totals to compute the company's actual gross profit percentage for this year and its forecasted gross profit percentage for next year. Is the gross profit percentage expected to improve or worsen next year? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Use the financial statement totals to compute the company's actual inventory turnover ratio for this year and its forecasted inventory turnover ratio for next year. Also compute the days-to-sell for this year (actual) and next year (forecasted). Is inventory turnover expected to improve or worsen next year? (Round your answers to 2 decimal places). Inventory turnover this year Inventory turnover next year Inventory days-to-sell this year Inventory days-to-sell next year Is inventory turnover expected to improve or worsen next year? Required 1 Required 2 > Required information [The following information applies to the questions displayed below. The Slumber Store (TSS) is a national wholesaler of beds, mattresses, pillows, and sheets. Key totals from TSS's most recent and forecasted financial statements are presented in the table below. From the income statement Last Year This Year Next Year Sales Revenue $560,000 $615,000 $770,000 Cost of Goods Sold 346,500 405,250 556,300 Gross Profit 213,500 209,750 213,700 From the balance sheet Last Year This Year Next Year Inventories $ 88,000 $101,808 $179,825 Required: 1. Use the financial statement totals to compute the company's actual inventory turnover ratio for this year and its forecasted inventory turnover ratio for next year. Also compute the days-to-sell for this year (actual) and next year forecasted). Is inventory turnover expected to improve or worsen next year? 2. Use the financial statement totals to compute the company's actual gross profit percentage for this year and its forecasted gross profit percentage for next year. Is the gross profit percentage expected to improve or worsen next year? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Use the financial statement totals to compute the company's actual gross profit percentage for this year and its forecasted gross profit percentage for next year. Is the gross profit percentage expected to improve or worsen next year? (Round your answers to 2 decimal places) Gross profit percentage this year Gross profit percentage next year Is the gross profit percentage expected to improve or worsen next year? % %