Succeed's Companies, a home improvement store chain, reported the following summarized figures (Click the icon to view the income statement.) Click the icon to view the balance sheets) Succeed's has 30,000 common shares outstanding during 2018 Read the requirements Requirement 1. Compute the inventory turnover, days' sales in inventory, and gross profit percentage for Succeed's Companies for 2018 Compute the inventory turnover (Round your answer to two decimal places, XXX) The inventory turnover = times Succeed's Companies Income Statement Years Ended May 31, 2018 and 2017 2018 2017 Net Sales Revenue $ 40,900 $ 38,800 Cost of Goods Sold 27,700 29,300 Interest Expense 200 140 All Other Expenses 5,800 6.500 $ 7,200 $ 2,860 Net Income ir Balance Sheets ou May 31, 2018 and 2017 ny Assets 2018 Liabilities 2018 2017 2017 Cash 2,100 $ 12 900 10.200 Short-term Investments 26,000 7,300 23.100 Accounts Receivable Merchandise Inventory Other Current Assets 7,200 9,000 1.600 Total Current Liabilities $ 27,000 5 13,000 Long-term Liabilities 12,600 5,300 Total Liabilities 39.600 5.900 Stockholders' Equity 2.500 Common Stock 13,000 28,300 Retained Earnings 31000 44 000 13,000 19,200 Total Current Assets 51,600 32,000 27,000 Total Equity 32 200 All Other Assets 55,300 $ 83,600 $ 83,600 S 55,300 Total Liabilities and Equity Total Assets 1. Compute the inventory turnover, days' sales in inventory, and gross profit percentage for Succeed's Companies for 2018. 2. Compute days' sales in receivables during 2018. Round intermediate calculations to three decimal places. Assume all sales were on account. 3. What do these ratios say about Succeed's Companies' ability to sell inventory and collect receivables