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2020 (Thousands of Dollars, except Earnings per Share) Sales revenue Cost of goods sold Net income Dividends Earnings per share $210,000 125,000 8,300 2,600 4.15 HI-TECH INSTRUMENTS, INC. Balance Sheets (Thousands of Dollars) Dec. 31, 2020 Dec 31, 2019 Assets Cash $18,300 $18,000 Accounts receivable (net) 46,000 41,000 Inventory 39,500 43,700 Total Current Assets 103,800 102,700 Plant assets (net) 52,600 50,500 Other assets 15,600 13,800 Total Assets $172,000 $167,000 Liabilities and Stockholders' Equity Notes payable-banks $6,000 $6,000 Accounts payable 22,500 18,700 Accrued liabilities 16,500 21,000 Total Current Liabilities 45,000 45,700 9% Bonds payable 40,000 40,000 Total Liabilities 85,000 85,700 Common stock* 50,000 50,000 Retained earnings 37,000 31,300 Total Stockholders' Equity 87,000 81,300 Total Liabilities and Stockholders' Equity $172,000 $167,000 *Common stock: $25 par value, 2,000,000 shares outstanding. *Common stock: $25 par value, 2,000,000 shares outstanding. Industry Average Ratios for Competitors Quick ratio Current ratio Accounts receivable turnover Inventory turnover Debt-to-equity ratio Gross profit percentage Profit margin Return on assets 1.3 2.4 5.9 times 3.5 times 0.73 42.8 percent 4.5 percent 7.6 percent Calculate the company's inventory turnover for 2020. Round answer to two decimal places (ex: 2.97543 = 2.98). 8.5