The balance sheet and income statement shown below are for Koski 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 of $)||2021|
|Cash and securities||$||4,200|
|Total current assets||$||42,000|
|Net plant and equipment||28,000|
|Liabilities and Equity|
|Total current liabilities||$||44,900|
|Total common equity||$||16,100|
|Total liabilities and equity||$||70,000|
|Income Statement (Millions of $)||2021|
|Operating costs except depreciation||104,160|
|Earnings before interest and taxes (EBIT)||$||5,600|
|Earnings before taxes (EBT)||$||4,760|
|Shares outstanding (millions)||500.00|
|Common dividends (millions of $)||$1,249.50|
|Int. rate on notes payable & L-T bonds||6%|
|Federal plus state income tax rate||25%|
|Year-end stock price||$85.68|
What is the firm’s inventory turnover ratio? Assume that the firm’s cost of goods sold is 65% of sales. Do not round your intermediate calculations.
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