yout References View ikp ty) 12 A A Open in Dedtop App AY A Tell me what you to de I & Find Question 3 (15 marks) Smart-T Incorporated had sales and cost of sales of $1,850,000 and $1,100,000 respectively in 2017. The company had shareholdem' equity of $925.000, liabilitien af $775.000 and assets at 51.700.00. Included in Smart-Ts assets was inventory valued at $100,000 which was a $50,000 increase from the previo year's holdings 1) Calculate Smart-T's gross profit percentage and inventory turn over for 2017. State some methods retailers might use to increase the gross margin on sales. Discuss methods companies could use to increase the rate of inventory turnover