! Required information [The following information applies to the questions displayed below. Simon Company's year-end balance sheets follow. 2017 2016 2015 $ 37, 391 $ 43,707 $ 44,189 89,300 62,000 56,700 111,500 82,000 55,000 12,041 11,473 4,910 371,090 336, 442 276, 801 $ 621,322 $ 535,622 $ 437,600 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 $ 157,803 $ 92,331 $ 58,918 119,145 125,657 98,644 162,500 162,500 162,500 181,874 155, 134 117,538 $ 621,322 $ 535,622 $ 437,600 The company's income statements for the years ended December 31, 2017 and 2016, follow. Assume that all sale credit: For Year Ended December 31 2017 2016 Sales $ 807,719 $ 637,390 Cost of goods sold $ 492,709 $ 414,304 Other operating expenses 250, 393 161,260 Interest expense 13,731 14,660 Income taxes 10,500 9,561 Total costs and expenses 767,333 599,785 Net income $ 40,386 $ 37,605 Earnings per share $ 2.49 $ 2.31 (3) Compute inventory turnover. Choose Numerator: Inventory Turnover 1 Choose Denominator: 11 Inventory Turnover Inventory turnover times s 2017: / 2016: 1 II times