Suppose Maxwell's had cost of goods sold during the year of $240,000. Beginning merchandise inventory was $60,000, and ending merchandise inventory was $65,000. Determine Maxwell's inventory turnover for the year. Round to the nearest hundredth.
a. 48.00 times per year
b. 3.69 times per year
c. 3.84 times per year
d. 4.00 times per year