1. Compute the inventory turnover, days€™ sales in inventory, and gross profit percentage for Shine€™s Companies for 2016.
2. Compute days€™ sales in receivables during 2016. Round dollar amounts to three decimal places. Assume all sales were on account.
3. What do these ratios say about Shine€™s Companies€™ ability to sell inventory and collect receivables?
Shine€™s Companies, a home improvement store chain, reported the following summarized figures:

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SHINE'S COMPANIES Income Statement Years Ended May 31, 2016 and 2015 2016 2015 Net Sales Cost of Goods Sold Interest Expense Al Other Expenses Net Income 57.200,000 41.100,000 20,600000 29,300,000 030,000 6,900,000 8,400,000 $ 29,000,000 2,770,000 700,000 SHINE'S COMPANIES Balance Sheet May 31, 2016 and 2015 Assets Liabilities 2016 2,200,000 1,800000 lotal Current Liabilites 26,000,000 10.000,000 Long-term Uabilties 2016 24,030,U00 12yu0 13.400,000 0800,000 37,400,000 23,700,000 2015 2015 Cash Short-term Investments Accounts Receivable Merchandise Inventory Other Current Assets Total Current Assets All Other Assets Total Assets 7.200,000 400,000 Total Liablites 7,100,000 9,000,000 8,200,000 Stockholders' Equity 0000 Common Stock 13000,000 13,000,000 33,100,000 18,500,000 ,000 S 83,500,000 S 55,200,000 51,500,000 27,200,000 Retained Earnings 32,000,000 28,000,000 Total Equity 46,100,000 31,500 s 83,500,000 S 55,200,000! Total Liablites and Equity