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The balance sheet and income statement shown below are for Koski Inc. Note that the firm has no amortization charges, it does not least any assets, none of its debt must be retired during the next 5 years, and the notes payable will be rolled over 2021 Balance Sheet (Millions of $) Assets Cash and securities Accounts receivable Inventories Total current assets Net plant and equipment Total assets $4,200 17.500 20,300 $. 42,000 28,000 $ 70,000 abilities and Equity Accounts payable Accruals Notes payable Total current liabilities Long term bonds Total liabilities Common stock Retained earnings Total common equity Total liabilities and equity $ 27,531 12,369 5,000 $44,900 9.000 $ 53,900 3,864 12,236 $ 16,100 $ 70,000 Income Statement (Millions of $) Net sales Operating costs except depreciation Depreciation Eamnings before interest and taxes (EBIT) Less interest Earnings before taxes (ET) 2021 $112,000 104,100 2,240 $ 5,600 840 $4,760 Income Statement (Millions of 5) Net sales Operating costs except depreciation Depreciation Earnings before interest and taxes (EBIT) Less interest Earnings before taxes (EBT) Taxes (25%) Net income 2021 $112,000 104,160 2,240 $ 5,600 840 $ 4,760 1,190 $ 3,570 Other data: Shares outstanding (millions) 500.00 Common dividends (millions of $) $1,249.50 Intrate 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 a. 3.34 b. 2.60 C. 5.52 d. 2.21 e. 3.59

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