CABOT CORPORATION Income Statement For Current Year Ended December 31 Sales $ 454,600 Cost of goods sold 296,850 Gross profit 157,750 Operating expenses 99,100 Interest expense 4.980 Income before taxes 53,750 Income tax expense 21,653 Net income $ 32,097 $ Assets Cash Short-term investments Accounts receivable, nel Merchandise Inventory CABOT CORPORATION Balance Sheet December 31 Liabilities and Equity $ 14,880 Accounts payable 8,480 Accrued wages payable 32,680 Income taxes payable 40, 150 Long-term note payable, secured by mortgage on plant assets 2.600 Comuni stock 153,300 Retained earnings $ 251,050 Total liabilities and equity 17.500 3,200 4,400 72,400 Prepaid expenses Plant assels, nel Total assets 23.ee 70.550 $ 251,250 Compute the inventory turnover. Inventory Turnover Choose Denominator Choose Numerator: 1 4 Inventory Turnover Inventory turnover 7 O times