Part 1 of 5 O Points: 0 of 10 Low'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.) Low's has 80,000 common shares outstanding during 2024 Requirements Read the requirements 1. Compute the inventory turnover, days sales in inventory, and gross profit percentage for Low's Companies for 2024. 2. Compute days' sales in recevables during 2024. Round intermediate calculations to three decimal places. Assume all sales were on account. 3. What do these ratios say about Low's Companies' ability to sell inventory and collecl receivables? Requirement 1. Compute the inventory turnover, days sales in inventory, and gross profit percentage for Low's Companies for 2024. Compute the inventory turnover. (Round your answer to two decimal places, X.XX.) The inventory tumover = times. Print Dane - X Balance Sheets - X Income Statement Low's Companies Balance Sheet May 31, 2024 and 2023 Assets Liabilities 2024 2023 2024 2023 Cash S 2,000 S 13.100 Short-term Investments 2023 11.400 24.500 Low's Companies Income Statement Years Ended May 31, 2024 and 2023 2024 Net Sales Revenue $ 42,100 S Cost of Goods Sold 21,200 Interest Expense 400 All Other Expenses 6,900 $ Net Income 13,600 S 1.800 Total Current Liabilities S 21,000 $ 12,600 11,000 Long-term Liabilities 5,300 Total Liabilities 33,800 6.300 Stockholders' Equity 41,100 27,000 7.100 6,800 9,000 Accounts Receivable Merchandise Inventory 23.700 1.700 Common Stock 140 8,400 Other Current Assets Total Current Assets 10,000 38,300 10.000 15,800 26,100 Retained Earnings 51,900 30,000 24,000 Total Equity All Other Assets 8.860 48,300 25.600 S 81,900 S S 81,900 $ 50,100 50,100 Check answer Total Assets Total Liabilities and Equity