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 $ 36,050 89,100 114,500 11,609 347,772 $ 599,031 $ 42,139 $ 42,603 62,900 50,500 84,500 57,000 11,061 4,734 315,806 267, 063 $ 516,406 $ 421,900 $ 152,142 $ 89,018 $ 56,805 114,870 162,500 169,519 $ 599, 031 121, 149 95, 105 162,500 162,500 143,739 107,490 $ 516,406 5 421,900 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 $ 778,740 $ 475,031 241,409 13,239 10,124 739,803 $ 38,937 $ 2.40 1 Yr Ago $ 614,523 $ 399,440 155,474 14, 134 9,218 578, 266 $ 36,257 $ 2.23 (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 Choose Numerator: 1 Choose Denominator: Inventory Turnover Inventory turnover Current Yr: times 1 Yr Ago: times (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 For each ratio, determine if it improved or worsened in the current year. Inventory tumove