! Required information [The following information applies to the questions displayed below.) Simon Company's year-end balance sheets follow. Current Yr 1 Yr Ago 2 Yrs Ago At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets at 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 $ 33,952 89,300 111,500 10,934 335,588 $581,274 $ 39,687 $ 41,341 62,700 50,000 83,500 52,000 10,418 4,593 304, 793 273,866 $ 501,098 $ 421,800 $143, 290 $ 83,839 $ 55, 121 108,187 162,500 167, 297 $581,274 114,100 92,286 162,500 162,500 140, 659 111,893 $ 501,098 $ 421,800 The company's income statements for the Current Year and 1 Year Ago, follow. Assume that all sales are on credit: For Year Ended December 31 Sales Cost of goods sold Other operating expenses Interest expense Income tax expense Total costs and expenses Net income Earnings per share Current Yr $ 755,656 $ 460,950 234, 253 12,846 9,824 717,873 S 37,783 $ 2.33 1 Yr Ago $ 596, 307 $ 387,600 150,866 13,715 8,945 561, 126 S 35,181 $ 2.16 (3-a) Compute inventory turnover. (3-b) For each ratio, determine if it improved or worsened in the current year. Complete this question by entering your answers in the tabs below. Required 3A Required 3B Compute inventory turnover. Inventory Turnover 1 Choose Denominator: Choose Numerator: Inventory Turnover 1 Inventory turnover Current Yr: 1 times 1 Yr Ago: 1 times