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 $ 28,460 89,300 112,000 9,165 238,666 $ 477,591 $ 33,267 $ 33,967 62,200 51,500 83,000 53,000 8,732 3,774 224,517 197,459 $ 411,716 $ 339, 700 $ 120, 109 $ 70,276 $ 45, 289 90,685 162,500 104,297 $ 477,591 95,642 75,824 162,500 162,500 83,298 56,087 $ 411,716 $ 339,700 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 Sales Cost of goods sold Other operating expenses Interest expense Income tax expense Total costs and expenses Net income Earnings per share Current Yr $ 620,868 $ 378,729 192,469 10,555 8,071 589,824 $ 31,044 1 Yr Ago $ 489,942 $ 318,462 123,955 11,269 7,349 461,035 $ 28,907 $ 1.78 $ 1.91 Exercise 13-8 Part 3 (3-a) Compute inventory turnover. (3-b) For each ratio, determine if it improved or worsened in the current year. Complete this question by entering your answers in the tabs below. Required 3A Required 3B Compute inventory turnover. Inventory Turnover 1 Choose Denominator: Choose Numerator: Inventory Turnover 1 Inventory turnover Current Yr: / times 1 Yr Ago: / times