$inventory = array(
0 => array("id"=>1, "name"=>"Mike", "time" => 4),
1 => array("id"=>2, "name"=>"Carissa", "time" => 5 ),
2 => array("id"=>3, "name"=>"Mathew", "time" => 5),
3 => array("id"=>4, "name"=>"Nike", "time" => 6),
4 => array("id"=>5, "name"=>"Jake", "time" => 2),
);
array_multisort(array_column($inventory, 'time'), SORT_ASC, $inventory);
var_dump($inventory);