Testbank Multiple Choice Question 65

The following data are provided:

	December 31
	2021		2020
Cash	$ 1700000		$ 1005000
Accounts receivable (net)	1550000		1250000
Inventories	2550000		2100000
Plant assets (net)	7500000		6600000
Accounts payable	1150000		815000
Income taxes payable	215000		90000
Bonds payable	1350000		1350000
10% Preferred stock, $50 par	2100000		2100000
Common stock, $10 par	2500000		1850000
Paid-in capital in excess of par	1700000		1300000
Retained earnings	4000000		3400000
Net credit sales	12800000
Cost of goods sold	8600000
Operating expenses	2850000
Net income	1550000

Additional information: Depreciation included in cost of goods sold and operating expenses is $1240000. On May 1, 2021, 65000 shares of common stock were issued. The preferred stock is cumulative. The preferred dividends were not declared during 2021. The inventory turnover for 2021 is