(ACCT 2101& 2102) Question 12 The following information pertains to Pina Colada Corp... Assume that all balance sheet amounts represent both average and ending balance figures Assume thet all sales were on red CLORAR NEXT Assets Cash and short-term investments $41000 Accounts recelvable (net) 46000 Inventory 30000 Property, plant and equipment 216000 Total Assets $333000 iabilities and Stockholders Equity Current liabilities 51000 Long-term liabilities 89000 Stockholders' equity-common 193000 Total Liabilities and Stockholders' Equity $$333000 Income Statement Sales revenue $94000 55000 Cost of goods sold 39000 Gross profit 24000 Operating expenses $ 15000 Net income 20000 Number of shares of common stock $19 Market price of common stock Dividends per share on common stock $34000 Cash provided by operations What is the inventory turnover for this company? 1 time 2 times