ABC Ltd wants to assess its efficiency using various ratios. The following information is available:

• Cost of Goods Sold: $400,000
• Average Inventory: $50,000
• Net Credit Sales: $600,000
• Average Accounts Receivable: $80,000
• Purchases: $200,000
• Average Accounts Payable: $40,000

Calculate the following efficiency ratios: a) Inventory Turnover Ratio b) Accounts Receivable Turnover Ratio c) Accounts Payable Turnover Ratio