Franklin Aerospace has a quick ratio of 2.00x: $36,225 in cash, $20,125 in accounts receivable, some inventory, total current assets of $80,500 and total current liabilities of $28,175. The company reported annual sales of $200,000 in the most recent annual report. Over the past year, how often did Franklin Aerospace sell and replace its inventory?

To find out how often Franklin Aerospace sold and replaced its inventory over the past year, we need to calculate the inventory turnover ratio. However, to calculate the inventory turnover ratio we need to know the cost of goods sold (COGS) and the average inventory for the period. 

The inventory turnover ratio is generally calculated as follows:

Inventory Turnover Ratio = Cost of Goods Sold (COGS) / Average Inventory

Since the question doesn't provide COGS, we can't calculate the ratio directly. However, if we have either the beginning and ending inventory values, we can use those to find the average inventory. The missing inventory figure can also be calculated from the information provided, as follows:

Total Current Assets = Cash + Accounts Receivable + Inventory Inventory = Total Current Assets - (Cash + Accounts Receivable)

Now let’s calculate the inventory:

Inventory = $80,500 (Total Current Assets) - ($36,225 Cash + $20,125 Accounts Receivable) Inventory = $80,500 - $36,225 - $20,125 Inventory = $80,500 - $56,350 Inventory = $24,150

Assuming the amount of inventory we have calculated remains constant throughout the year (which would not be the case in real-world scenarios where inventory levels fluctuate), we can use this number as our average inventory for the period.