Question 7 Incorrect Mark 0.00 out of 4,00 P Fag question Inventory Turnover Consider the following financial statement information for Hi-Tech Instruments: 2020 (Thousands of Dollars, except Earnings per Share) Sales revenue $210,000 Cost of goods sold 125,000 Net Income 8,300 Dividends 2,600 Earnings per share 4.15 HI-TECH INSTRUMENTS, INC. Balance Sheets (Thousands of Dollars) Dec. 31, 2020 Dec 31, 2019 Assets Cash $18,300 46,000 39,500 103,800 52,600 15,600 $172.000 $18,000 41,000 43.700 102,700 50.500 13,800 $167,000 Accounts receivable (net) Inventory Total Current Assets Plant assets (net) Other assets Total Assets Liabilities and Stockholders' Equity Notes payable-banks Accounts payable Accrued liabilities Total Current Liabilities 94 Bonds payable Total Labilities Common stock Retained eating Total Scho 56.000 22,500 16 500 45,000 40.000 99 000 90009 $6,000 18.700 27,000 45.700 40.000 B5 200 58.000 3.300 32.000 500 Common stock Retained earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity 50,000 37,000 87,000 $172,000 50,000 31,300 81,300 $167,000 *Common stock: $25 par value, 2,000,000 shares outstanding. 1.3 2.4 5.9 times 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 assists 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). 2.1 X Check Incorrect Marks for this submission: 0.001400 Previous Save Answers