Thompson TV and Appliance reported the following in its 2021 financial statements: 2021 Inventory, January 1 Sales Cost of goods sold: Net purchases Inventory, December 31 $435,000 76,000 339,000 Goods available for sale 415,000 106,000 Cost of goods sold 309,000 Gross profit $126,000 Thompson's 2021 inventory turnover ratio is: (Round your answer to two decimal places.)