Asset management ratios are used to measure how effectively a firm manages its assets, by relating the amount a firm has invested in a particular type of asset (or group of assets) to the amount of revenues the asset is generating. Examples of asset management ratios include the average collection period (also called the days sales outstanding ratio), the inventory turnover ratio, the fixed asset turnover ratio, and the total asset turnover ratio. Consider the following case: Monroe Manufacturing has a quick ratio of 2.00x,$34,875 in cash, $19,375 in accounts receivable, some imventory, total current assets of $77,500, and total current liabilities of $27,125. The company reported annual sales of $800,000 in the most recent annual report. Additionally, the company's cost of goods sold is 75% of sales. Over the past year, how often did Monroe Manufocturing sell and replace its inventory? 8.01x 2. 86x 25.81x 28.39x The inventory turnover ratio across companies in the manufacturing industry is 28.391x. Based on this information, which of the foilowing statements is true for Monroe Manufacturing? Monroe Manufecturing is holding more inventory per doliar of sales compared with the industry average. Monroe Manufacturing is holding less inventory per dollar of sales compared with the industry average