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The information below pertains to Devlin Company. Statement of Financial Position as of May 31 (in thousands) Year 2 Year 1 Assets Current assets Cash

The information below pertains to Devlin Company.

Statement of Financial Position as of May 31

(in thousands)

Year 2
Year 1

Assets

Current assets

Cash

$ 45

$ 38

Trading securities

30

20

Accounts receivable (net)

68

48

Inventory

90

80

Prepaid expenses

22
30

Total current assets

$255

$216

Investments, at equity

38

30

Property, plant, and equipment (net)

375

400

Intangible assets (net)

80
45

Total assets

$748
$691

Liabilities

Current liabilities

Accounts payable

$ 70

$ 42

Accrued expenses

5

4

Notes payable

35

18

Income taxes payable

15
16

Total current liabilities

$125

$ 80

Long-term debt

35

35

Deferred taxes

3
2

Total liabilities

$163
$117

Equity

Preferred stock, 6%, $100 par

value, cumulative

$150

$150

Common stock, $10 par value

225

195

Additional paid-in capital -- common stock

114

100

Retained earnings

96
129

Total equity

$585
$574

Total liabilities and equity

$748
$691

Income Statement for the year ended May 31

(in thousands)

Year 2
Year 1

Net sales

$480

$460

Costs and expenses

Costs of goods sold

330

315

Selling, general, and

administrative

52

51

Interest expense

8
9

Income before taxes

$ 90

$ 85

Income taxes

36
34

Net income

$ 54
$ 51

Question

Devlin Companys asset turnover for the year ended May 31, Year 2, was

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