Joe Ponzio, a financial advisor who bases his investigating strategies on the teachings of Warren Buffett, explains why inventory turnover rates matter to managers, owners, and investors on his August 7, 2009, blog post, He states: "The company doing five turns a year is often in better shape." Jerry Waite is interested in calculating his inventory turnover at retail for his flower and tree nursery. Net sales last year were $57,250, beginning inventory at retail was $23,750, and ending inventory at retail was $5,050. What is his inventory turnover at retail? Round to the nearest hundredth
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