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Thompson TV and Appliance reported the following in its 2021 financial statements: 2021 Sales $ 423,000 Cost of goods sold: Inventory, January 1 64,000 Net

Thompson TV and Appliance reported the following in its 2021 financial statements:

2021
Sales $ 423,000
Cost of goods sold:
Inventory, January 1 64,000
Net purchases 322,000
Goods available for sale 386,000
Inventory, December 31 88,000
Cost of goods sold 298,000
Gross profit $ 125,000

Thompson's 2021 inventory turnover ratio is: (Round your answer to two decimal places.)

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