MC Qu. 79 Thompson TV and Appliance... Thompson TV and Appliance reported the following in its 2018 financial statements: 2018 $424,000 Sales Cost of goods sold: Inventory, January 1 Net purchases Goods available for sale Inventory, December 31 Cost of goods sold Gross profit 78,000 328,000 406,000 88,000 318, eee $106,000 Thompson's 2018 inventory turnover ratio is: (Round your answer to two decimal places.)