Excerpts from Dowling Company's December 31, 2021 and 2020, financial statements and key ratios are presented below (all numbers are in millions): 2021 2020 Accounts receivable (net) $ 29 $ 25 Net sales $ 124 $ 109 Cost of goods sold $ 70 $ 64 Net income $ 29 $ 26 Inventory turnover 5.65 Return on assets 11.2 % Equity multiplier 2.45 Dowling's average inventory balance for 2021 is: (Round your answer to 1 decimal places.)

a. 14.9

b. 12.8

c. 12.4

d. 13.5