Exhibit 10 -Refer to Exhibit 10

Exhibit 10.3
Use the Information Below for the Following Problem(S)
You are provided with the following information for a company.
$\begin{array}{c}\begin{array}{lll}\text{Net Annual Sales}\\\text{Average Receivables}\\ COGS\\\text{Average Inventory}\\\text{Average Trade Payables}\\\end{array}\begin{array}{lll}&&&\end{array}\begin{array}{lll}60000 \\1200 \\35000 \\3000 \\1500\\\end{array}\end{array}$
-Refer to Exhibit 10.3.Calculate the inventory turnover ratio.

A) 27.23
B) 23.3
C) 55.43
D) 8.67
E) 11.67