Victory's Companies, a home improvement store chain, reported the following summarized figures: (Click the icon to view the income statement.) Victory's has 20,000 common shares outstanding during 2024. Read the requirements. (Click the icon to view the balance sheets.) Requirement 1. Compute the inventory turnover, days' sales in inventory, and gross profit percentage for Victory's Companies for 2024. Compute the inventory turnover. (Round your answer to two decimal places, X.XX.) The inventory turnover = times. Income Statement Victory's Companies Income Statement Years Ended May 31, 2024 and 2023 Net Sales Revenue Cost of Goods Sold Interest Expense All Other Expenses Net Income - 2024 2023 $ 42,400 $ 42,000 22,500 29,300 400 280 6,900 7,100 12,600 $ 5,320 Print Done for Balance Sheets Victory's Companies Balance Sheet May 31, 2024 and 2023 Assets Liabilities 2024 2023 2024 2023 Cash 2,000 $ Short-term Investments 29,000 1,600 Total Current Liabilities 12,000 Long-term Liabilities $ 22,000 $ 12,900 12,300 10,800 Accounts Receivable 7,200 5,600 Total Liabilities 34,300 23,700 Merchandise Inventory 7,000 5,900 Stockholders' Equity 6,000 Other Current Assets 2,500 Common Stock 11,000 11,000 Total Current Assets 51,200 34,000 All Other Assets 27,600 Retained Earnings 26,000 Total Equity 39,900 18,900 50,900 29,900 85,200 $ 53,600 $ 85,200 53,600 Total Assets Total Liabilities and Equity Print Done 1 Requirements 1. Compute the inventory turnover, days' sales in inventory, and gross profit percentage for Victory's Companies for 2024. 2. Compute days' sales in receivables during 2024. Round intermediate calculations to three decimal places. Assume all sales were on account. 3. What do these ratios say about Victory's Companies' ability to sell inventory and collect receivables? Print Done