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 $ 560,000 $ 615,000 346,500 405,250 213,500 209,750 Next Year $ 270,000 556,300 213,700 5 Trom the balance sheet Inventorien Last Year This Year $ 88,000 $ 101,808 Next Year $ 179,825 Required: 1. 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? 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 profit percentage expected to improve or worsen next year? Complete this question by entering your answers in the tabs below. Required: 1. 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 (actua) and next year (forecasted). Is inventory tumover 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 profit percentage expected to improve or worsen next year? Complete this question by entering your answers in the tabs below. Required 1 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 Invertory days to sell this year Inventory days-to-call next year is inventory turnover expected to improve or worson next year Complete this question by entering your answers in the tabs below. Required 1 Required 2 es 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 profit percentage expected to improve or worsen next year? (Round your answers to 2 decimal places) Grons profit percentage this year Gronn profit percentage next year Is the gross prolit porcentage expected to improve or worsen next year? % %
