The following data are provided: December 31 2021 2020 Cash $ 1550000 $ 1020000 Accounts receivable (net) 1400000 1150000 Inventories 2500000 2300000 Plant assets (net) 6500000 6400000 Accounts payable 1200000 780000 Income taxes payable 205000 110000 Bonds payable 1450000 1450000 2200000 2200000 10% Preferred stock, $50 par Common stock, $10 par 2300000 1700000 1700000 1300000 Paid-in capital in excess of par Retained earnings 4150000 3600000 Net credit sales 12700000 Cost of goods sold 8550000 Operating expenses 2750000 Net income 1600000 Additional information: Depreciation included in cost of goods sold and operating expenses is $1220000. On May 1, 2021, 60000 shares of common stock were issued. The preferred stock is cumulative. The preferred dividends were not declared during 2021. The inventory turnover for 2021 is O 12700 - 2500. O 8550 = 2400. O 12700 - 2400. O 8550 - 2500