a. 4.17

b. 5.07

c. 4.38

d. 4.59

e. 5.82

Pettijohn Inc. The balance sheet and income statement shown below are for Pettijohn Inc. Note that the firm has no amortization charges, it does not lease any assets, none of its debt must be retired during the next 5 years, and the notes payable will be rolled over. Balance Sheet (Millions Assets 2016 Cash and securities S 1,554.0 Accounts receivable 9,660.0 Inventories 13.440.0 Total current assets $24,654.0 Net plant and equipment 17.346.0 Total assets Liabilities and Equity Accounts payable Notes payable $42,000.0 $ 7,980.0 5,880.0 Accruals Total current liabilities $18,480.0 Long-term bonds Total debt $29,400.0 Common stock 3,360.0 Retained earnings Total common equity Total labilities and equity 9.2400 S12.600.0 $42,000.0 Income Statement (Millions of 2016 Net sales $58,800.0 Operating costs except depr'n Depreciation Earnings bef int and taxes (EBIT) $54,978.0 S 1029.0 S 2,793.0 Less interest Earnings before taxes (EBT) 1743.0 S610.1 laxes Net income $ 1,133.0 Net income 1,133.0 Other data: Shares outstanding (millions) 175.00 Common dividends s 509.83 Int rate on notes payable & L-T bonds Federal plus state income tax rate Year-end stock price 6.25% 35% $77.69 Refer to the data for Pettijohn Inc. What is the firm's inventory turnover ratio