Pat's Place has sales of $613,700 and cost of goods sold of $338,514. At the beginning of the year, inventory was $56,509. At the end of the year, the inventory balance was $52,411. What is the inventory turnover rate?

Multiple Choice

• 5.23 times

• 7.56 times

• 6.22 times

• 5.60 times

• 6.87 times