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excerpts from Dowling Company's December 31, 2024 and 2023, financial statements and key ratios are presented below (all dollar values are in millions): 2024 2023

excerpts from Dowling Company's December 31, 2024 and 2023, financial statements and key ratios are presented below (all dollar values are in millions): 2024 2023 Accounts receivable (net) $ 20 $ 31 Net sales $ 130 $ 115 Cost of goods sold $ 80 $ 70 Net income $ 20 $ 32 Inventory turnover 5.95 Return on assets 12.0% Equity multiplier 2.51 Dowling's average inventory balance for 2024 is closest to

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