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The Amor Corporation reported the following income staternent and balance shot wounts and additional information for the end of the current year. End of prior
The Amor Corporation reported the following income staternent and balance shot wounts and additional information for the end of the current year. End of prior End of current year your Net sales revenue (all credit) $1,320,000 $825,000 Cost of goods sold $495,000 Gross profit $280.000 Selling general expenses $42.000 Interest experts $173,000 Net Income $113,000 $82,000 Current assets $612.000 $440.000 Long-term assets $625,000 $522.00 Total assets $57,000 $52,000 Current liabilities $275,000 $245,000 Long-term liabilities $293.000 $225,000 Common stockholders' equity $625,000 $522,000 Total liabilities and stockholders' equity Inventory and prepaid expenses account for $30,000 of the current year's current assets. Average inventory for the current year is $38,250. Average net accounts receivable for the current year is $45,000. There are 35,000 shares of common stock outstanding. Total dividends paid during the current year were $17,000. The market price per share of common stock is $20. What is the inventory turnover for the current year? O a. .05 times b. 21.57 Times O c. 34.51 Times O d. 1.60 Times
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