Requirement 1. Compute the inventory turnover, days' sales in inventory, and gross profit percentage for Accel's Companies for 2018. Compute the inventory turnover. (Round your answer to two decimal places, X.XX.) The inventory turnover - Cost of goods sold / Average merchandise inventory - 3,66 times. Compute the days' sales in inventory. (Round interim calculations to two decimal places, X.XX and round your final answer to the nearest whole day.) The days' sales in inventory = 365 days / Inventory turnover - 57 days Requirements 1. Compute the inventory turnover, days' sales in inventory, and gross profit percentage for Accel's Companies for 2018. 2. Compute days' sales in receivables during 2018. Round intermediate calculations to three decimal places. Assume all sales were on account. 3. What do these ratios say about Accel's Companies' ability to sell inventory and collect receivables? Income Statement Accel's Companies Income Statement Years Ended May 31, 2018 and 2017 2018 2017 $ Net Sales Revenue Cost of Goods Sold Interest Expense All Other Expenses 40,600 $ 28,400 600 4,300 7,300 $ 40,500 30,600 570 8,200 1,130 Net Income Print Done 0 Balance Sheets Assets 2018 Cash Short-term Investments Accounts Receivable Merchandise Inventory Other Current Assets Total Current Assets All Other Assets 2,400 $ 28,000 7,500 6,900 8,000 Accel's Companies Balance Sheet May 31, 2018 and 2017 Liabilities 2017 2018 900 Total Current Liabilities 9,000 Long-term Liabilities 13,900 5,200 Total Liabilities 41,900 8,600 Stockholders' Equity 1,500 Common Stock 11,000 25,200 Retained Earnings 29,900 29,000 Total Equity 40,900 Total Liabilities and Equity 2017 13,200 10,300 23,500 52,800 30,000 82,800 $ 11,000 19,700 30,700 54,200 Total Assets i Requirements 1. Compute Accel's Companies' current ratio at May 31, 2018 and 2017 2. Did Accel's Companies' current ratio improve, deteriorate, or hold steady during 2018