Question 7 Bevington Studio reported the following income statement and balance sheet amounts on December 31, 2007 2006 Net sales revenue (all credit) Cost of goods sold Gross profit Selling and general expenses Interest expense Netincome 2007 $950,000 630,000 320,000 230,000 20.000 $70,000 Current assets Long-term assets Total assets - 12/31 Current liabilities Long-term liabilities Common stockholders equity - 12/31 Total liabilities and stockholders' equity $60,000 465.000 $525.000 $ 25,000 105,000 395,000 $525.000 $55,000 445.000 $500.000 $20,000 205,000 275,000 $500,000 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 53.150 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 tumover? 21 33 times 3150 times 16.00 in