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Assets Amount (USD) Liabilities and Equity Amount (USD) Cash $340,000 Accounts Payable $160,000 Accounts Receivable $300,000 Notes Payable $220,000 Inventory $320,000 Long-term Debt $550,000 Property

Assets

Amount (USD)

Liabilities and Equity

Amount (USD)

Cash

$340,000

Accounts Payable

$160,000

Accounts Receivable

$300,000

Notes Payable

$220,000

Inventory

$320,000

Long-term Debt

$550,000

Property

$800,000

Shareholders' Equity

$1,200,000

Calculate the inventory turnover ratio for the company based on the provided balance sheet and the cost of goods sold (COGS) of $1,500,000.

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