Selected information for 2019 is: cost of goods sold, $4,000,000; average inventory, $2,000,000; net sales, $8,000,000; average receivables, $980,000; and net income, $700,000. Assuming a 360-day year, what was the inventory turnover ratio for 2019?

Question 16 options:

a)

5

b)

20

c)

2.0

d)

2.5

e)

none of these