Question
The following information pertains toSwiftyCompany. Assume that all balance sheet amounts represent both average and ending balance figures. Assume that all sales were on credit.
The following information pertains toSwiftyCompany. Assume that all balance sheet amounts represent both average and ending balance figures. Assume that all sales were on credit.
AssetsCash and short-term investments$40000Accounts receivable (net)25000Inventory20000Property, plant and equipment213000Total Assets$298000Liabilities and Stockholders' EquityCurrent liabilities$58000Long-term liabilities88000Stockholders' equity-common152000Total Liabilities and Stockholders' Equity$298000Income StatementSales revenue$85100Cost of goods sold38200Gross margin46900Operating expenses20900Net income$26000Number of shares of common stock5200Market price of common stock$20Dividends per share on common stock0.90Cash provided by operations$29600
What is the inventory turnover for this company?
1.66times
1.91times
0.66times
0.10times
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