Security Inc. financial statements are presented in the table below.

Based on the information in the table, calculate the firm's inventory turnover ratio.

Round the answers to two decimal places

Balance Sheet December 31, 2023

Cash and marketable securities	$100,000	Accounts payable	$200,000
Accounts receivable	$300,000	Notes payable	$50,000
Inventories	$500,000	Accrued expenses	$60,000
Prepaid expenses	$10,000	Total current liabilities	$310,000
Total current assets	$910,000	Long-term debt	$300,000
Gross fixed assets	$1,600,000	Par value and paid-in-capital	$200,000
Less: accumulated depreciation	$400,000	Retained Earnings	$1,300,000
Net fixed assets	$1,200,000	Common Equity	1,500,000
Total assets	$2,110,000	Total liabilities and owner's equity	$2,110,000

Income Statement, Year of 2023

Net sales (all credit)	$4,000,000.00
Less: Cost of goods sold	$2,800,000.00
Selling and administrative expenses	$300,000.00
Depreciation expense	$100,000.00
EBIT	$800,000.00
Interest expense	$30,000.00
Earnings before taxes	$770,000.00
Income taxes	$308,000.00
Net income	$462,000.00