BusinessCourse Inventory Turnover The following financial data is from Brenner Instruments' financial statements (thousands of dollars, except earnings per share.) 2019 Sales revenue $210,000 Cost of goods sold 125,000 Net income 8,300 Dividends 2,600 Earnings per share 4.15 Support BusinessCourse (usanus of DOllars) Dec. 31, 2019 Dec. 31, 2018 Assets Cash $18,300 $18,000 Accounts receivable (net) 41,000 46,000 39,500 Inventory 43,700 Total current assets 103,800 102,700 Plant assets (net) 52,600 50,500 Other assets 15,600 13,800 $172,000 $167,000 Total assets Liabilities and Stockholders' Equity $6,000 Notes payable-banks $6,000 18,70 Accounts payable 22,500 Accrued liabilities 16.500 21.000 Support BusinessCourse Total current liabilities 45,000 45,700 9% Bonds payable 40,000 40,000 Total liabilities 85,000 85,700 Common stock, $25 par value (2,000,000 shares) 50,000 50,000 Retained earnings 37,000 31,300 Total stockholders' equity 87,000 81,300 $172,000 $167,000 Total liabilities and stockholders' equity Industry Average Ratios for Competitors Quick ratio 1.3 Support BusinessCourse Current ratio 2.4 Accounts receivable turnover 5.9 times Inventory turnover 3.5 times Debt-to-equity ratio 0.73 Gross profit percentage 42.8 percent Return on sales 4.5 percent Return on assets 7.6 percent Calculate the company's inventory turnover for 2019. Round answer to one decimal place. 0 Support