23. The following information is available for Oakland Company: 24 2020 2019 Accounts receivable $ 360,000 $ 400,000 Inventory 340,000 400,000 Net credit sales 2,470,000 1,400,000 Cost of goods sold 1,850,000 1,060,000 Net income 300,000 170,000 The inventory turnover ratio for 2020 is a. 6.7 times. b. 5.0 times. C. 5.4 times d. 4.6 times The following amounts were taken from the financial statements of Leaf Company: 2020 2019 Total assets $800,000 $880,000 Net sales 720,000 650,000 Gross profit 352,000 320,000 Net income 126,000 117,000 Weighted average number of common shares outstanding 90,000 90,000 Market price of common stock $35 $39 The return on assets ratio for 2020 is a. 15.8% 15%. 14.3% d. 14.5% b. G. 25 The following amounts were taken from the financial statements of Leaf Company: 2020 2019 Total assets $900,000$1,000,000 Net sales 840.000 650,000 Gross profit 352,000320,000 Net income 138,600 117.000 Weighted average number of common shares outstanding 90,000 90,000 Market price of common stock $35 $39 The profit margin ratio for 2020 is 15.4%. 44.9% 16.5%. d. 10.7%. a. b