Consider the following facts: Company A had net credit sales of $8,000,000 and cost of goods sold of $5,000,000 for the year. The Accounts Receivable balances at the beginning and end of the year were $600,000 and $700,000, respectively. The receivables turnover was:

None of these answers are correct

4.6 times

12.3 times

7.7 times

11.4 times