The Mad Hatter Corporation Reported the Following Income Statement and Balance

The Mad Hatter Corporation reported the following income statement and balance sheet amounts and additional information for the end of the current year. $\begin{array}{|l|c|c|}\hline & \text { End of current year } & \begin{array}{r}\text { End of prior } \\\text { year }\end{array} \\\hline \text { Net sales revenue (all credit) } & \$ 1,200,000 & \\\hline \text { Cost of goods sold } & 725,000 & \\\hline \text { Gross profit } & 475,000 & \\\hline \text { Selling/general expenses } & 280,000 & \\\hline \text { Interest expense } & 42,000 & \\\hline \text { Net Income } & 153,000 & \\\hline\\\hline \text { Current assets } & 112,000 & 82,000 \\\hline \text { Long-term assets } & 505,000 & 440,000 \\\hline \text { Total assets } & 617,000 & 522,000 \\\hline \text { Current liabilities } & 57,000 & 52,000 \\\hline \text { Long-term liabilities } & 275,000 & 245,000 \\\hline \text { Common stockholders' equity } & 415,000 & 225,000 \\\hline \text { Total liabilities and stockholders' equity } & 617,000 & 522,000 \\\hline\end{array}$

Inventory and prepaid expenses account for $30,000 of the current year's current assets.
Average inventory for the current year is $25,000.
Average net accounts receivable for the current year is $45,000.
There are 40,000 shares of common stock outstanding.
Total dividends paid during the current year were $37,000.
The market price per share of common stock is $20.
-
What is the inventory turnover for the current year?

A) 29 times
B) 16 times
C) 19.00 times
D) 26.67 times