Victory'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.) Victory's has 40,000 common shares outstanding during 2018. Read the requirements. Requirement 1. Compute the inventory turnover, days' sales in inventory, and gross profit percentage for Victory's Companies for 2018. Compute the inventory turnover. (Round your answer to two decimal places, X.XX.) The inventory turnover times. Victory's Companies Income Statement Years Ended May 31, 2018 and 2017 2018 2017 Net Sales Revenue $ 43,700 $ 41,100 Cost of Goods Sold 20,800 28,600 Interest Expense 700 460 All Other Expenses 6,200 8,400 $ 16,000 $ 3,640 Net Income Victory's Companies Balance Sheet May 31, 2018 and 2017 Assets Liabilities 2018 2017 2018 2017 Cash 2,100 $ 1,600 Total Current Liabilities 27,000 $ 13,900 13,100 11,800 Short-term Investments 26,000 12,000 Long-term Liabilities Accounts Receivable 7,600 5,500 Total Liabilities 40,900 24,900 Merchandise Inventory Stockholders' Equity 7,300 10,000 5,900 2,400 Other Current Assets Common Stock 13,000 13,000 17,500 Total Current Assets 31,100 53,000 32,000 All Other Assets 27,400 Retained Earnings 28,000 Total Equity 55,400 Total Liabilities and Equity 44,100 30,500 $ 85,000 $ 85,000 $ 55,400 Total Assets