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The financial data of a firm during the past year is as follows: (all values are in millions of dollars) Gross income: 18.6 Total sales:
The financial data of a firm during the past year is as follows: (all values are in millions of dollars)
Gross income: 18.6
Total sales: 13.3
Total credit sales: 7.4
Net income: 5.1
Cost of goods sold: 6.5
Total assets: 12.6
Average inventory: 2.9
Average receivables: 3
Compute the inventory turnover ratio.
(Provide 2 decimal digits)
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