Cornerstone Co. Balance Sheet Accounts 12/31/17 12/31/18 Bonds Payable $2,100 $2,100 Cash 400 392 Accounts Receivable 145 128 Preferred Stock 500 500 Accounts Payable 244 250 Land 3,285 3,285 Common Stock 1,200 1,200 Inventory 480 520 Retained Earnings 320 400 Uneaned Rent Revenue (to be earned in 2 months) 40 28 Prepaid Insurance (3-month policy) 114 173 Taxes Payable 20 20 Taxes Payable 20 20 Cornerstone Co. Income Statement Accounts For Year Ended 12/31/18 Insurance Expense $60 Interest Expense 32 Cost of Goods Sold 1,500 Rent Revenue 25 Net Sales Revenue 2,000 Tax Expense 27 Other lnformation. Other Information 2018 Dividends to Common Shareholders $40 2018 Dividends to Preferred Shareholders $200 2018 Common Shares outstanding 100sh 2018 Preferred Shares outstanding 50sh 2018 Stock Price $100 All Sales on credit Note: Use the Cornerstone Co. data and the Reference Sheet to assist you in answering the foll question. What is the 2018 Inventory Turnover Ratio? Select one: a. 4.00 b. 3.13 c. 3.00 d. 1.00 e. 2.88