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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 20,000 common shares outstanding during 2024 Read the requirements Requirement 1. Compute the inventory tumover days' salen in Inventory, and gross profit perontage for Succeed's Companies for 2024 Compute the inventory tumover. (Round your answer to two decimal places, XXX) The inventory tumover | almes ompanies, a home improvement store chain, reported the following summarized figures: e icon to view the income statement.) B (Click the icon to view the balance sheets.) as 20,000 common shares outstanding during 2024. quirements. nt 1. Compute the inventory turnover, days' sales in inventory, and gross profit percentage for Suce he inventory turnover. (Round your answer to two decimal places, X.XX.) tory turnover = times. 365 days + Accounts receivable turnover ratio 365 days + Inventory turnover 365 days + Total current assets Cost of goods sold + Average merchandise inventory Cost of goods sold + Net sales revenue Gross profit + Net sales revenue Gross profit + Total assets elp Me Solve This Net credit sales + Average net accounts receivable 7, repared the llowing summarized fiores B Income Statement ing 20 sales Succeed's Companies Income Statement Years Ended May 31, 2024 and 2023 2024 to two 2023 43,700 $ 42,900 Net Sales Revenue Cost of Goods Sold 20,600 28,600 Interest Expense 200 140 7,500 7,800 All Other Expenses $ 15,400 $ 6,360 Net Income Print Done Balance Sheets Succeed's Companies Balance Sheet May 31, 2024 and 2023 Assets Llabilities 2024 2023 2024 2023 Cash $ 2,300 $ 13,100 29,000 10,400 7,200 23,500 7.100 10,000 Short-term Investments Accounts Receivable Merchandise Inventory Other Current Assets Total Current Assets Al Other Assets Total Assets 1,600 Total Current Liabilities $ 21,000 $ 13,200 10,000 Long-term Liabilities 5,300 Total Liabilities 34,200 8,200 Stockholders' Equity 1,700 Common Stock 10,000 26,800 Retained Earnings 42,400 28,000 Total Equity 52,400 54,800 $ 86,600 S Total Liabilities and Equity 55,600 10,000 21,300 31,300 31,000 86,600 $ $ 54,800 Print Done RETU OIRE TUTTI Requirements 1. Compute the inventory turnover, days' sales in inventory, and gross profit percentage for Succeed'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 Succeed's Companies' ability to sell inventory and collect receivables? Print Done