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Required information The Foundational 15 (Algo) [LO14-2, LO14-3, LO14-4, LO14-5, LO14-6] Skip to question [The following information applies to the questions displayed below.] Markus Companys

Required information

The Foundational 15 (Algo) [LO14-2, LO14-3, LO14-4, LO14-5, LO14-6]

Skip to question

[The following information applies to the questions displayed below.]

Markus Companys common stock sold for $1.50 per share at the end of this year. The company paid a common stock dividend of $0.39 per share this year. It also provided the following data excerpts from this years financial statements:

Ending Balance Beginning Balance
Cash $ 24,500 $ 40,800
Accounts receivable $ 42,000 $ 38,800
Inventory $ 42,400 $ 42,000
Current assets $ 108,900 $ 121,600
Total assets $ 302,000 $ 242,800
Current liabilities $ 46,500 $ 31,500
Total liabilities $ 92,000 $ 82,800
Common stock, $1 par value $ 107,000 $ 107,000
Total stockholders equity $ 210,000 $ 160,000
Total liabilities and stockholders equity $ 302,000 $ 242,800

This Year
Sales (all on account) $ 480,000
Cost of goods sold $ 278,400
Gross margin $ 201,600
Net operating income $ 32,500
Interest expense $ 2,000
Net income $ 21,350

Foundational 14-10 (Algo)

10. What is the inventory turnover and the average sale period? (Use 365 days in a year. Round your intermediate and final answers to 2 decimal places.)

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