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Bevington Studio reported the following income statement and balance sheet amounts on December 31, 2007. Inventory and prepaid expenses account for $20,000 of the 2007 current assets: Average inventory for 2007 is $15,000. Average net accounts receivable for 2007 is $30,000. Average one-day sales are $3,150. There are 7,000 shares of common stock outstanding. Total dividends paid during 2007 were $140,000. The market price per share of common stock is $21. What is the company's acid-test ratio? 1.60 0.42 2.40 0.63 Bevington Studio reported the following income statement and balance sheet amounts on December 31, 2007. Inventory and prepaid expenses account for $20,000 of the 2007 current assets, Average inventory for 2007 is $15,000. Average net accounts receivable for 2007 is $30,000. Average one-day sales are $3,150. There are 7,000 shares of common stock outstanding. Total dividends paid during 2007 were $140,000. The market price per share of common stock is $21. What is the company's inventory turnover? 21.33 times 31.50 times 16.00 times 42.00 times