Pembina Designs operates an exclusive bridal boutique in Manhattan. All gowns are designed by Lang but are manufactured by various small firms in France and Italy Pembina Designs Balance Sheets December 31 2021 December 31 2020 Assets Current assets: Cash $64,690 $87.908 Accounts receivable 350,144 331,438 Inventory 1,795.400 1.752,600 61.572 65.310 2,271,806 2,237,256 1,638,884 1,638,884 $3,910,690 $3,876,140 Prepaid expenses Total current assets Building, furniture and equipment, net Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Bank loan payable Other accrued payables Total current liabilities Long-term debt Total liabilities Stockholders' equity: $73.578 $65,012 88,308 110,610 13,129 10.945 175,015 186.567 312.963 366 484 487.978 553,051 Common stock 1,241,663 1.241.663 2.181,049 2.081,426 Retained earnings Total stockholders equity Total liabilities and stockholders' equity 3,422,712 3.323,089 $3.910,690 $3,876,140 Pembina Designs Income Statements December 31, 2021 December 31, 2020 Net sales $20,789.430 $19.180,348 14,327.292 12.443.460 6,462,138 6.736,888 641,950 573,104 2.705.432 2,336,045 Cost of goods sold Gross margin Operating expenses Selling expenses General and administrative expenses Total operating expenses Operating income Interest expense Income before taxes Income taxes 3,347.382 2,909,149 3,114,756 3,827,739 29,031 38.187 3,085,725 3,789,552 617,145 757,910 Net income $2,468,580 $3,031,642 a Assume you are the vice president of operations of Pembina. To prepare for a meeting with Adrienne Aiello, the company president, you are in the process of analyzing inventory. (a) Compute inventory turnover and days' sales in inventory (Round all answers to 2 decimal places, eg. 5.25.) 2021 2020 Inventory turnover times times Days' sales in inventory days days