You identified an error in the Cost of Goods Sold account. Cost of Goods Sold was understated by 37,007.00 in 2020. Calculate Inventory Turnover for 2020 using the corrected amount and round your answer to 2 decimal points.

It is July 5, 2021. You have been apprenticing for the past five years at a high-end bakery in New York City and have worked on virtually every aspect to include the business side of the house. All of this work makes you think you may be ready to open your own bakery in your home town of Long Beach, CA. Before you can daydream about leaving New York for California, you have to complete year-end report and evaluate solvency and profitability trends of the New York Bakery. The New York Bakery has provided the following comparative information: Revenue Cost of goods sold Interest expense Income tax expense Net income Current assets (ending balance) Long-term assets (ending balance) Total assets (ending balance) Current liabilities (ending balance) Long-term liabilities (ending balance) 2021 2020 2018 2019 5,727,216.00 3,941,696.00 2017 3,011,800.00 10,901,977.24 7,508,199.16 2,061,536.40 1,374,357.60 1,025,640.00 683,760.00 518,000.00 768,600.00 610,000.00 500,000.00 1,225,572.00 640,320.00 441,600.00 320,000.00 2,772,000.00 1,848,000.00 1,400,000.00 1,052,060.00 891,576.00 845,222.00 5,571,720.00 3,714,480.00 11,751,396.40 9,039,535.60 68,480,133.20 5,035,392.00 4,060,800.00 17,627,094.60 13,559,303.40 102,720,199.80 7,553,088.00 6,091,200.00 29,378,491.00 22,598,839.00 171,200,333.00 12,588,480.00 10,152,000.00 4,173,933.01 Total liabilities (ending balance) 10,672,291.00 Preferred dividends 243,180.60 Total stockholders' equity (ending balance) Total outstanding shares Market price of shares Average inventory Average assets (excluding long- term investments) Average total assets Average total stockholders' equity 3,701,510.80 63,272,288.24 2,323,321.73 2,093,167.20 6,498,357.99 5,762,848.20 98,508,044.76 3,617,158.27 3,258,832.80 9,464,359.00 161,780,333.00 5,940,480.00 5,352,000.00 170,748.24 122,460.00 86,424.00 62,400.00 18,706,200.00 13,134,480.00 13.50 2,500,000.00 2,500,000.00 12.84 3,092,304.60 2,061,536.40 14,101,675.68 10,847,442.72 25,988,665.00 19,859,586.00 15,920,340.00 11,277,240.00 9,420,000.00 6,648,000.00 4,800,000.00 2,500,000.00 2,500,000.00 2,500,000.00 12.22 11.63 11.06 1,538,460.00 1,025,640.00 777,000.00 82,176,159.84 6,042,470.40 4,872,960.00 14,854,406.00 11,370,240.00 8,676,000.00 8,034,000.00 5,724,000.00 4,100,000.00