Below is a condensed income statement for 20X5 as well as select balance sheet information for 20X5 and 20X4 for a local company Net sales Cost of goods sold Gross profit Selling, general, and administrative expenses Operating income Interest revenue Interest expense Income before income taxes Income tax expense Net income $500,000 200,000 300,000 100.000 200,000 3,000 4,000) 199,000 49.750 $149,250 Accounts Receivable (net) $60,000 $45,000 Inventory $20,000 $16,000 Required: Using the above information, answer the following two questions Question #1 : On average, how many times did the company's inventory turnover in 20X5? Note: Round answer to two decimal places (ex. 4.6572 = 4.66)