Saved 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 $ 28,163 89,608 114,000 9,069 227,147 $ 467,979 $ 32,920 $ 33,283 62,400 50,900 83,5ee 59,000 8,641 3,698 215,969 182,719 $ 403,430 $ 329,600 $ 118,857 $ 69,543 $ 44,377 89,740 162,500 96,882 $ 467,979 94,645 74,298 162,500 162,500 76,742 48,425 $ 403,430 $ 329,600 The company's income statements for the Current Year and 1 Year Aqo, follow. Assume that all sales al 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 Current Yr 1 Yr Ago Sales $ 688,373 $ 480,082 Cost of goods sold $ 371, 108 $ 312,053 Other operating expenses 188, 596 121, 461 Interest expense 10,342 11,842 Income tax expense 7.909 7,201 Total costs and expenses 577,955 451,757 Net Income $ 30,418 $ 28,325 Earnings per share $ 1.82 $ 1.74 Compute Inventory turnover. Inventory Turnover 1 Choose Denominator: I! Inventory Turnover Choose Numerator: Cost of goods sold 1 Average inventory Inventory turnover 11 0 times Current Yr: 1 Yr Ago: Oltimos Required JA Required 3B >