The balance sheet and income statement shown below are for Koski Inc. Note that the firm has no amortization charges, it does not lease any assets, none of its debt must be retired during the next $5$ years, and the notes payable will be rolled over.

Balance Sheet $($Millions of $$)2021$

Assets

Cash and securities $ $4,200$

Accounts receivable $17,500$

Inventories $20,300$

Total current assets $ $42,000$

Net plant and equipment $28,000$

Total assets $ $70,000$

Liabilities and Equity

Accounts payable $ $27,531$

Accruals $12,369$

Notes payable $5,000$

Total current liabilities $ $44,900$

Long$-$term bonds $9,000$

Total liabilities $ $53,900$

Common stock $3,864$

Retained earnings $12,236$

Total common equity $ $16,100$

Total liabilities and equity $ $70,000$

Income Statement $($Millions of $$)2021$

Net sales $ $112,000$

Operating costs except depreciation $104,160$

Depreciation $2,240$

Earnings before interest and taxes $($EBIT$)$ $ $5,600$

Less interest $840$

Earnings before taxes $($EBT$)$ $ $4,760$

Taxes $(25\%)1,190$

Net income $ $3,570$

Other data:

Shares outstanding $($millions$)500\mathrm{.}00$

Common dividends $($millions of $$)$ $$1,249\mathrm{.}50$

Int. rate on notes payable & L$-$T bonds $6\%$

Federal plus state income tax rate $25\%$

Year$-$end stock price $$85\mathrm{.}68$

What is the firm's inventory turnover ratio? Assume that the firm's cost of goods sold is $65\%$ of sales. Do not round your intermediate calculations.