Denver's Designs had sales for the year of $663,000 and cost of goods sold equal to 69 percent of sales. The inventory at the beginning of the year was $116,800 and the end-of-year inventory was $131,500. What was the inventory turnover?

Multiple Choice

A) 5.34 times

B) 3.48 times

C) 3.04 times

D) 3.92 times

E) 3.68 times