Simon Company's year-end balance sheets follow. Current Yr 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 $ 32,439 89,100 111,500 10,446 300,887 $544,372 1 Yr Ago 2 Yrs Ago $ 37,918 $ 38,716 62,200 50,400 82,500 58,000 9,954 4,302 276,714 235,782 $ 469,286 $ 387,200 $136,904 103,365 162,500 141,603 $544,372 $ 80, 102 $ 51,622 109, 015 86,427 162,500 162,500 117,669 86,651 $469,286 $ 387,200 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 $ 707,684 $ 431,687 219, 382 12,031 9,200 672,300 $ 35,384 $ 2.18 1 Yr Ago $ 558,450 $ 362,993 141, 288 12,844 8,377 525,502 $ 32,948 $ 2.03 Exercise 17-7, Exercise 17-8, Exercise 17-10 and Exercise... O Saved (3-a) Compute inventory turnover. (3-b) For each ratio, determine if it improved or worsened in the current year. Part 3 of 4 Complete this question by entering your answers in the tabs below. 2.5 points Required 3A Required 3B Skipped Compute inventory turnover. eBook Inventory Turnover Choose Numerator: 1 Choose Denominator: = References Inventory Turnover Inventory turnover times Current Yr: 1 Yr Ago: times Required 3A Required 3B > Part 3 of 4 (3-a) Compute inventory turnover. (3-b) For each ratio, determine if it improved or worsened in the current year. 2.5 Complete this question by entering your answers in the tabs below. points Skipped Required 3A Required 3B eBook For each ratio, determine if it improved or worsened in the current year. References Inventory turnover