value: 3.34 points Financial statements for Askew Industries for 2016 are shown below (in $000's) Sales Cost of goods sold $ 9,900 6,525) 3,375 Gross proft Operating expenses Interest expense Tax expense (2,225) (290) (344) Net income $ 516 Comparative Balance Sheets Dec. 31 2016 2015 Assets Cash Accounts receivable $ 690 $ 590 490 690 3,000 690 890 Property, plant, and equipment (net) $5,170 $4,770 Liabilities and Shareholders' Equity Current liabilities Bonds payable Paid-in capital Retained earnings $1.640 $1.390 1.850 690 840 1,850 690 990 $5,170 $4.770 Required: Calculate the following ratios for 2016. (Consider 365 days a year. Do not round intermediate calculations a round your final answers to 2 decimal places.) 1. Inventory turnover ratio 8 26 Type here to search