- 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 Sales Revenue Cost of Goods Sold Gross Profit Last Year This Year Next Year $560,000 $615,000 $770,000 346,500 485,250 556,300 213,5ee 209,750 213,789 Last Year This Year Next Year $ 88,000 $191,808 $179,825 From the balance sheet Inventories Required: 1. Use 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 pront percentage expected to improve or worsen next year? Complete this question by entering your answers in the tabs below. Required: 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 col next year is inventory turnover expected to improve or worsen next year