Triumph's Companies Balance Sheet May 31, 2018 and 2017 2017 Assets 2018 Liabilities 2018 2017 2017 Triumph's Companies Income Statement Years Ended May 31, 2018 and 2017 2018 Net Sales Revenue 40,900 $ Cost of Goods Sold 27,700 Interest Expense 200 All Other Expenses 5,800 7.200 $ Net Income Cash 13,000 12.900 39,800 29.300 140 7.100 3,260 Short-term Investments Accounts Receivable Merchandise Inventory 2,500 $ 27.000 7,200 7,000 9,000 1,900 11,000 5,300 6,300 Total Current Liabilities $ 22,000 5 Long-term Liabilities 13.100 Total Liabilities 35.100 Stockholders' Equity 25.900 Other Current Assets 2.300 Common Stock 8,000 19 900 Print Done Total Current Assets All Other Assets 52.700 33.000 85,700 S 26,800 Retained Earnings 27.000 Total Equity Total Liabilities and Equity 8.000 42.600 50.600 85,700 S 27,900 The amount of time it takes to collect receivable percentage, which is a 53,800 53,800 Total Assets Choose from any list or enter any number in the input fields and then continue to th Print Done Triumph's Companies, a home improvement store chain, reported the following ummarized figures Click the icon to view the income statement) Click the icon to view the balance sheets.) Triumph's has 30,000 common shares outstanding during 2018 Read the requirements The days' sales in inventory = 365 days / Inventory turnover 95 days. Compute the gross profit percentage (Round your answer to the nearest tenth of a percent, XX%) The gross profit percentage Gross profit Net sales revenue Requirement 2. Compute days sales in receivables during 2018. Round intermediate calculations to three decimal places. Assume all sales were on account. (Round intermediate calculations to three decimal places, XXXX and round your final answer to the nearest whole day Days' sales in average receivables = = days Requirement 3. What do these ratios say about Triumph's Companies' ability to sell inventory and collect receivables? (Assume the following industry averages inventory turnover = 4.4 days's sales in inventory = 82 days, gross prolit percentage - 347 and days sales in average receivables817 days) gross profit Triumph's Companies have a high amount of inventory on hand and a inventory turnover ratio. This could be an area to look at and compare to the prior year and industry average. They have a percentage, which is a The amount of time it takes to collect receivables seems but this would depend on the Choose from any list or enter any number in the input fields and then continue to the next question Save to Late