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 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 $ 25, 717 89,300 114,000 8,282 212,061 $ 449,360 $ 30,061 $ 31,959 62,600 51,600 83,500 52,000 7,891 3,551 203,327 193,690 $ 387,379 $ 332,800 $108,534 $ 63,503 $ 42,612 81,945 162,500 96,381 $ 449,360 86, 424 71,342 162,500 162,500 74,952 56,346 $ 387,379 $ 332,800 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 $ 584,168 $ 356,342 181,092 9,931 7,594 554,959 $ 29, 209 $ 1.80 1 Yr Ago $ 460,981 $ 299,638 116,628 10,603 6,915 433,784 $ 27,197 $ 1.67 (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 Choose Numerator: 1 Choose Denominator: 11 / Inventory Turnover Inventory turnover times times 1 Current Yr: 1 Yr Ago: / Required 3A Required 3B >