Low's Companies, a home improvement store chain, reported the following summarized figures: (Click the icon to...

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Low'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.) Low's has 80,000 common shares outstanding during 2024. Read the requirements. + Requirement 1. Compute the inventory turnover, days' sales in inventory, and gross profit percentage for Low's Companies for 2024. Compute the inventory turnover. (Round your answer to two decimal places, X.XX.) The inventory turnover times. Requirements 1. Compute the inventory turnover, days' sales in inventory, and gross profit percentage for Low'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 Low's Companies' ability to sell inventory and collect receivables? Income Statement Low's Companies Income Statement Years Ended May 31, 2024 and 2023 2024 2023 Net Sales Revenue 41,000 $ 39,800 Cost of Goods Sold 21,200 28,600 Interest Expense 300 280 7,500 8,400 All Other Expenses 12,000 $ 2,520 Net Income Balance Sheets Low's Companies Balance Sheet May 31, 2024 and 2023 Assets Liabilities 2024 2023 2024 2023 Cash 2,300 $ Short-term Investments 27,000 1,700 Total Current Liabilities 13,000 Long-term Liabilities $ 29,000 $ 13,300 13,400 11,100 Accounts Receivable 7,600 5,700 Total Liabilities 42,400 24,400) Merchandise Inventory 7,000 6,800 Stockholders' Equity 11,000 2,100 Other Current Assets Common Stock. 9,000 9,000 Total Current Assets 54,900 29,300 Retained Earnings 36,500 24,900 All Other Assets 33,000 29,000 Total Equity 45,500 33,900 $ 87,900 $ 58,300 $ 87,900 $ Total Assets Total Liabilities and Equity 58,300 Low'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.) Low's has 80,000 common shares outstanding during 2024. Read the requirements. + Requirement 1. Compute the inventory turnover, days' sales in inventory, and gross profit percentage for Low's Companies for 2024. Compute the inventory turnover. (Round your answer to two decimal places, X.XX.) The inventory turnover times. Requirements 1. Compute the inventory turnover, days' sales in inventory, and gross profit percentage for Low'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 Low's Companies' ability to sell inventory and collect receivables? Income Statement Low's Companies Income Statement Years Ended May 31, 2024 and 2023 2024 2023 Net Sales Revenue 41,000 $ 39,800 Cost of Goods Sold 21,200 28,600 Interest Expense 300 280 7,500 8,400 All Other Expenses 12,000 $ 2,520 Net Income Balance Sheets Low's Companies Balance Sheet May 31, 2024 and 2023 Assets Liabilities 2024 2023 2024 2023 Cash 2,300 $ Short-term Investments 27,000 1,700 Total Current Liabilities 13,000 Long-term Liabilities $ 29,000 $ 13,300 13,400 11,100 Accounts Receivable 7,600 5,700 Total Liabilities 42,400 24,400) Merchandise Inventory 7,000 6,800 Stockholders' Equity 11,000 2,100 Other Current Assets Common Stock. 9,000 9,000 Total Current Assets 54,900 29,300 Retained Earnings 36,500 24,900 All Other Assets 33,000 29,000 Total Equity 45,500 33,900 $ 87,900 $ 58,300 $ 87,900 $ Total Assets Total Liabilities and Equity 58,300