Samuel's Companies, operating educational tutoring centers, reported the following summarized figures: \begin{tabular}{|c|c|} \hline \multicolumn{2}{|c|}{\begin{tabular}{c} Samuel's Companies \\ Balance Sheet \\ May 31, 2019 \end{tabular}} \\ \hline \multicolumn{2}{|l|}{ Assets } \\ \hline Cash & 6,860,000 \\ \hline Short-term Invest. & 9,830,000 \\ \hline Accounts Receivable & 5,540,000 \\ \hline Merchandise Inventory & 3,250,000 \\ \hline Other Current Assets & 1,970,000 \\ \hline Total Current Assets & 27,450,000 \\ \hline All Other Assets & 27,830,000 \\ \hline Total Assets & 55,280,000 \\ \hline \multicolumn{2}{|l|}{ Liabilities } \\ \hline Total Current Liab. & 12,960,000 \\ \hline Long-term Liab. & 10,630,000 \\ \hline Total Liabilities & 23,590,000 \\ \hline \multicolumn{2}{|l|}{ Stockholders' Equity } \\ \hline Common Stock & 13,140,000 \\ \hline Retained Earnings & 18,550,000 \\ \hline Total Equity & 31,690,000 \\ \hline Total Liab. & 55,280,000 \\ \hline \end{tabular} Samuel's has 1,000,000 common shares outstanding during 2020. 1. Compute the inventory turnover, days' sales in inventory, and gross profit percentage for Samuel's Companies for 2020. ( Cost of goods sold ) / (Average merchandise inventory ) = Inventory turnover ($)/($)=($)) (365 days )/(= Day's sales in inventory )/()=() (Gross profit) / (Net sales revenue ) = Gross profit percentage ($)/($)=($% 2. Compute days' sales in receivables during 2020. Assume all sales were on account. (Net credit sales ) / (Average net accounts receivables ) = Accounts receivable turnover ratio ($)/($)=($) (365 days) / (Accounts receivable turnover ratio) = Day's Sales in Receivables )/()=()