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5 417/6.25 points awarded » Return on total assets is 15% (average total assets is $72,000). Inventory turnover is 5 (average inventory is $6,440). » Accounts receivable turnover is 8 (average accounts receivable is $6,600). Scored l Income Statement Net sales $ 52,800 @ [_] Cost of goods sold 33,220 Q) eBook Selling, general, and administrative expenses 7,400 Income tax expense 2,400 D : Net income 10,800 @ References Explanation a. Accounts Receivable Turnover: ?/$6,600=8 ?=%6,600 x 8 ?=$52,800 Net Sales b. Inventory Turnover: ?/%$6,440=5 ?7=$6,440 x5 ?=$32,200 Cost of Goods Sold