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Question 10 (1 point) LMN Inc. manufactures environmental testing equipment and reports under ASPE. The following is information for Years 3 and 4: Year 3 Year 4 Sales $2,500,000 $2,600,000 Gross profit 1,000,000 1,200,000 Net income 125,000 150,000 Beginning inventory 275,000 300,000 Ending inventory 300,000 245,000 The industry average for inventory turnover is 5.00 times. Which one of the following statements about LMN's inventory turnover ratio is true? e a) LMN's inventory turnover has worsened, and it is also worse than industry. average. average. average. C) b) LMN's inventory turnover has worsened, but it is better than the industry C) c) LMN's inventory turnover is improving, and it is better than the industry ) gy) LMN's inventory turnover is improving, but it is worse than the industry