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The financial statements of Flathead Lake Manufacturing Company are shown below. Income Statement 2017 Sales Cost of Goods Sold Depreciation Expense Gross Profit Selling and Administrative Expenses EBIT Interest Expense Income before Tax Taxes Net Income $9,300,000 5,750,000 550,000 $3,000,000 2,200,000 $ 800,000 200,000 $ 600,000 375,000 $ 225,000 Flathead Lake Manufacturing Comparative Balance Sheets 2017 2016 Cash $ 50,000 $ 40,000 Accounts Receivable 570,000 600,000 Inventory 530,000 460,000 Total Current Assets $1,150,000 $1,100,000 Fixed Assets 2,050,000 1,400,000 Total Assets $3,200,000 $2,500,000 Accounts Payable $ 320,000 $ 300,000 Bank Loans 480,000 400,000 Total Current Liabilities $ 800,000 $ 700,000 Long-term Bonds 1,500,000 1,000,000 Total Liabilities $2,300,000 $1,700,000 Common Stock (200,000 shares) 200,000 200,000 Retainded Earnings 700,000 600,000 Total Equity $ 900,000 $ 800,000 Total Liabilities and Equity $3,200,000 $2,500,000 Note: The common shares are trading in the stock market for $15 per share. Refer to the financial statements of Flathead Lake Manufacturing Company. The firm's inventory turnover ratio is averaged) Multiple Choice 116 10.2 9.5 O