Consider the following case:

Monroe Manufacturing has a quick ratio of 2.00x, $34,875 in cash, $19,475 in accounts receivable, some inventory, total current assets of $77,500, and total current liabilities of $27,125. The company reported annual sales of $800,000, in the most recent annual report. Additionally, the company's cost of goods sold is 75% of sales.

1.) Over the past year, how often did Monroe Manufacturing sell and replace its inventory?

a. 2.86x

b. 28.39x

c. 25.81x

d.8.01x

2.) The inventory turnover ratio across companies in the manufacturing industry is 28.391x. Based on this information, which of the following statements is true for Monroe Manufacturing?

a. Monroe Manufacturing is holding more invenotry per dollar of sales compared with the industry average

b. Monroe Manufacturing is holding less inventory per dollar of sales compared with the industry average.

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