Flathead Lake Manufacturing Income Statement 2012 Sales $9,300,000 Cost of Goods Sold 5,750,000 Depreciation Expense 550,000 Gross Profit $ 3,000,000 Selling and Administrative Expenses 2,200,000 EBIT $ 800,000 Interest Expense 200,000 Income before Tax $ 600,000 Taxes 375,000 Net Income $ 225,000 Flathead Lake Manufacturing Comparative Balance Sheets 2012 2011 Cash $ 50,000 $ 40,000 Accounts Receivable 570,000 600,000 Inventory 530,000 460,000 Total Current Assets $1,150,000 $1,100,000 Fixed Assets 2,050,000 1,400,000 Total Assets $3,200,000 $2,500,000 Accounts Payable Bank Loans Total Current Liabilities Long-term Bonds Total Liabilities Common Stock (200,000 shares) Retained Earnings Total Equity Total Liabilities and Equity $ 320,000 $ 300,000 480,000 400,000 $ 800,000 $ 700,000 1,500,000 1,000,000 $ 2,300,000 $1,700,000 200,000 200,000 700,000 600,000 $ 900,000 $ 800,000 $3,200,000 $2,500,000 source Refer to the attached financial statements of Mathead Lake Manufacturing Company (the exact same file is attached as botra PDF and JPEG version for your convenience you only need to download in one of the two version) The firm's inventory turnover rate for 2012 Give your answer to two decimal places