Problem - Selected data of Islander Company follows:
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As of December 31,
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Balance Sheet Data
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2011
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2010
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Accounts Receivable
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$500,000
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$470,000
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Allowance for doubtful accounts
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(25,000)
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(20,000)
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Net Accounts Receivable
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$475,000
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$450,000
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Inventories - lower of cost or market
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$600,000
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$550,000
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Year Ended December 31,
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Income Statement Data
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2011
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2010
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Net Credit Sales
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$2,500,000
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$2,200,000
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Net Cash Sales
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500,000
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400,000
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Net Sales
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$3,000,000
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$2,600,000
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COGS
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$2,000,000
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$1,800,000
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Selling, general, and administrative expenses
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300,000
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270,000
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Other
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50,000
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30,000
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Total Operating Expenses
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$2,350,000
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$2,100,000
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What is the inventory turnover for 2011?