Given below are comparative statements of financial position (balance sheets) and an income statement for Claret Corporation. Claret Corporation Balance Sheets Year 2 December 31 January 1 Cash $ 16,500 $ 16,500 Accounts receivable 47,970 39,500 Inventory 33,400 37,300 Equipment (net) 58,100 67,200 Total $ 155,970 $ 160,500 Accounts payable 26,900 29,500 Dividends payable 8,700 4,800 Long-term note payable 15,200 15,200 Capital stock, $5 par 73,700 73,700 Retained earnings 31,470 37,300 Total $ 155,970 $ 160,500 Claret Corporation Income Statement For the year ended Year 2 Sales $ 229,700 Cost of goods sold 137,630 Gross profit on sales $ 92,070 Operating expenses 75,958 Operating income $ 16,112 Interest expense and income taxes 9,550 Net income $ 6,562 All sales were made on account. Cash dividends declared during the year totaled $12,392. Claret Corporation's inventory turnover for Year 2 is: