Required information [The following information applies to the questions displayed below.] Simon Company's year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Current Yr 1 Yr Ago 2 Yrs Ago $ 25,066 89,600 $ 29,299 $ 30,520 62,200 51,400 112,500 83,500 59,000 8,072 7,691 3,391 193,896 187,253 167,089 $429,134 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 $369,943 $ 311,400 $105,786 $ 61,895 $ 40,694 79,870 162,500 84,236 162,500 61,312 68,131 162,500 40,075 80,978 $429,134 $ 369,943 $ 311,400 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 $ 340,303 172,941 9,484 7,252 $ 557,874 529,980 $ 27,894 $ 1.72 1 Yr Ago $ 440,232 $ 286,151 111,379 10,125 6,603 414,258 $ 25,974 $ 1.60 (4-a) Compute days' sales in inventory.