Using the numbers provided below, calculate the Inventory Turnover Ratio. The inventory turnover ratio is calculated by dividing the cost of goods by average inventory (cogs / average inventory) Financial Statements for 2020 Balance Sheet Income Statement Assets Cash Accounts Receivable, Net Inventory Prepaid Rent Equipment, Net Land Total Assets $ $ $ $ $ $ $ 2020 2019 107,200 $ 64,000 48,000 $ 31,000 42,000 $ 32,000 35,000 $ 27,000 70,000 $ 80,000 30,000 $ 55,000 332,200 $ 289,000 Sales Revenue Cost of Goods Sold Wages Expense Rent Expense Bad Debt Expense R&D Expense Depreciation Expense Interest Expense Loss on Sale of Land Income Tax Expense Net Income $ 375,000 $ (199,000) $ (40,000) $ (18,000) $ (5,000) $ (22,000) $ (10,000) $ (4,000) $ (6,000) $ (7,800) $ 63,200 Liabilities and Equity Accounts Payable Wages Payable Income Tax Payable Long-Term Debt Contributed Capital Retained Earnings Total Liabilities and Equity $ $ $ $ $ $ $ 2020 23,000 $ 16,000 $ 6,000 $ 38,000 $ 150,000 $ 99,200 $ 332,200 $ 2019 26,000 18,000 9,000 50,000 150,000 36,000 289,000 O 3.69 O 4.43 O 5.38 8.92