Winthrop Corporation reported the following operating results for two consecutive years: Required a. Compute the percentage changes in Winthrop Corporation's Income statement components between the two years. (Round your percentage answers to 1 decimal place. (l.e., 0.234 should be entered as 23.4).) WINTHROP CORPORATION Income Statements Year 3 Year 2 Percentage Change % Sales Cost of goods sold Gross margin Operating expenses Income before taxes Income taxes Net income $ 1,200,000 $ 1,000,000 720,000 640,000 480,000 360,000 200,000 160,000 280,000 200,000 56,000 40,000 $ 224,000 $ 160,000 96 Sharma Company reported the following operating results for two consecutive years: Required Compute each Income statement component for each of the two years as a percentage of sales. (Percentages may not add exactly due to rounding. Round your percentage answers to 1 decimal place. (l.e., 0.234 should be entered as 23.4).) Sales Cost of goods sold Gross margin on sales Operating expenses Income before taxes Income taxes Net income SHARMA COMPANY Vertical Analysis of Income Statements Percentage of Year 4 Year 3 Sales Percentage of Sales $ 1,000,000 % $ 800,000 % 590,000 450.000 410,000 350,000 120,000 100,000 290,000 250,000 60,000 50,000 $ 230,000 % $ 200,000 % Selected financial Information for Edwards Company for Year 4 follows: Sales $800,000 Cost of goods sold. 500,000 Merchandise inventory Beginning of year End of year 37,500 42,500 Required Assuming that the merchandise Inventory buildup was relatively constant, how many times did the merchandise Inventory turn over during Year 4? (Round your answer to 2 decimal places.) Merchandise inventory turnover times