Required information [The following information applies to the questions displayed below.] Simon Company's year-end balance sheets follow. 2017 2016 2015 83,500 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 $ 33,687 $ 39,377 $ 40,206 89,500 62,800 50,500 113,000 52,000 10, 848 10,337 4,467 318,285 291,331 254,927 $ 565,320 $ 487,345 $ 402,100 $ 142, 172 $ 83,185 $ 53,608 107, 343 113,210 89,753 162,500 162,500 162,500 153, 305 128,450 96,239 $ 565,320 $ 487,345 $ 402,100 The company's income statements for the years ended December 31, 2017 and 2016, follow. Assume that all sales are on credit: For Year Ended December 31 Sales Cost of goods sold Other operating expenses Interest expense Income taxes Total costs and expenses Net income Earnings per share 2017 $ 734,916 $ 448,299 227,824 12,494 9,554 698, 171 $ 36, 745 $ 2.26 2016 $ 579,941 $ 376,962 146,725 13,339 8,699 545, 725 $ 34,216 $ 2.11 (3) Compute inventory turnover. Inventory Turnover 1 Choose Denominator: Choose Numerator: Inventory Turnover Inventory turnover / 2017: = times 2016: 1 times