Vanessa Company reported net sales of $1,000,000, cost of goods sold of $600,000, and gross profit of $400,000. Merchandise Inventory was $50,000 and $70,000 at the beginning and end of the period, respectively. What is the inventory turnover, rounded to two decimal places?
a. 6.67 times
b. 8.57 times
c. 10.00 times
d. 12.00 times