The following is financial data for Laylow Corp. for the last two years.
| Balance Sheet | 20X1 | 20X2 | | Cash | $ 10,000 | $ 20,000 | | Accounts receivable | 40,000 | 50,000 | | Inventory | 30,000 | 40,000 | | Property, plant, and equipment | 200,000 | 250,000 | | Total assets | 280,000 | 360,000 | | Current liabilities | 50,000 | 60,000 | | Long-term debt | 150,000 | 190,000 | | Stockholders’ equity | 80,000 | 110,000 | | Total liabilities and stockholders’ equity | $280,000 | $360,000 |
| Income Statement | 20X2 | | | Sales | $500,000 | | | Cost of goods sold | (400,000) | | | General and administrative expenses | (50,000) | | | Interest expense | (10,000) | | | Income taxes | (10,000) | | | Net income | $ 30,000 | |
| Other Information | | | | Depreciation expense | $ 25,000 | | | Number of shares of stock outstanding | 100,000 | | | | | |
For 20X2 calculate inventory turnover for Laylow.
A. 14.3B. 11.4 C. 12.5 D. 10.0 |
