Your firm has sales of $628,000 and cost of goods sold of $402,000. At the beginning of the year, your inventory was $31,000. At the end of the year, the inventory balance was $33,000. What is the inventory turnover rate? Show calculations.
A. 11.23 times
B. 12.56 times
C. 18.60 times
D. 19.63 times
E. 29.06 times