Simon Company's year-end balance sheets follow. 30,328 $ 35, 451 $ 36,196 89, 900 62,200 53,800 113,500 84,000 57,000 9,767 9,306 4,022 265,448 247,787 210,982 508,943 $ 438,744 $ 362,000 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 127,994 $ 74,889 $ 48,262 96,638 101,920 8 0, 802 162,500 162,500 162,500 121,811 99,435 70,436 $ 508,943 $ 438,744 $ 362,000 The company's income statements for the years ended December 31, 2017 and 2016, follow. Assume that all sales are on credit: 403,592 2016 $ 522,105 $ 339.368 32,093 12.008 7,832 05,104 For Year Ended Decemb Sales Cost of goods sold Other operating expenses Interest expense Income taxes Total costs and expenses Net income Earnings per share 11.248 (3) Compute inventory turnover. Inventory Turnover / Choose Denominator: Choose Numerator Inventory Turnover Inventory turnover 2017: times 2016: times