Cartwright's, a home-improvement store chain, reported these summarized figures: (Click the icon to view the income statement.) Compute the following: (Click the icon to view the balance sheets.)) The rate of inventory turnover for 2020 b. Days' sales in average receivables during 2020. Assume all sales are on credit. a. Compute the rate of inventory turnover for 2020. First enter the formula, then compute the inventory turnover for 2020. (Round your answer to two decimal places.) Cost of goods sold 21766030 Average inventory Inventory turnover ala Income statement Cartwright's Income Statement edit A 1 2 3 4 r an 5 Sales revenues ento B For The Year Ended December 31, 2020 6 Less: Cost of goods sold 7 Gross profit 8 Less: Operating expenses 9 Operating income 10 Less: Interest expense 11 Income before income taxes 12 Less: Income tax expense 13 Net income 2020 $ 34,988,900 21,766,030 $ 13,222,870 5,088,250 $ 8,134,620 217,800 $ 7,916,820 1,925,750 $ 5,991,070 - Balance sheets 1 2 3 4 5 LO A B C Cartwright's Balance Sheets December 31, 2020 and 2019 Assets 6 Current assets: 2020 2019 7 Cash $ 1,200,000 $ 810,000 8 Short-term investments 9 Accounts receivable 203,200 260,000 100,800 378,500 10 Inventory 4,676,000 4,190,000 11 Other current assets 508,000 409,500 12 Total current assets $ 6,688,000 $ 6,048,000 13 Other noncurrent assets 11,437,000 11,620,000 14 Total assets $ 18,125,000 $ 17,668,000 15 16 Liabilities Balance sheets 14 Total assets 15 16 Liabilities 17 Current liabilities: 18 Accounts payable 19 Notes payable $ 18,125,000 $ 17,668,000 EA $ 3,400,000 $ 2,750,000 890,000 655,000 20 Accrued liabilities 110,000 195,000 21 Total current liabilities $ 4,400,000 $ 3,600,000 22 Long-term liabilities 4,300,000 4,216,000 23 Total liabilities $ 8,700,000 $ 7,816,000 24 25 Stockholders' equity 26 Common stock, no par 69 $ 2,502,000 $ 2,000,000 27 Retained earnings 6,923,000 7,852,000 28 Total stockholders' equity $ 9,425,000 $ 9,852,000 29 30 Total liabilities and equity $ 18,125,000 $ 17,668,000