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 $ 32,111 89,500 112,000 10,341 289,624 $ 533,576 $ 37,534 $ 37,948 62,600 51,900 83,500 60,000 9,853 4,216 266,492 221,736 $ 459,979 $ 375,800 ok ht $135,518 $ 79,291 $ 50,598 ht nces 102,319 162,500 133, 239 $533,576 107,911 84,713 162,500 162,500 110,277 77,989 $ 459,979 $ 375, 800 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 $ 693,649 $ 423, 126 215,031 11,792 9,01 658,966 $ 34,683 1 Yr Ago $ 547,375 $ 355,794 138,486 12,590 8,211 515,081 $ 32,294 $ 2.13 $ 1.99 (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 es Compute inventory turnover. Inventory Turnover 1 Choose Denominator: Choose Numerator: Inventory Turnover Inventory turnover O times Current Yr: 1 Yr Ago: / 1 0 times