The Sleep Company had the following operating results for 2021-2022. In addition, the company paid dividends in both 2021 and 2022 of $65,400 per year and made capital expenditures in both years of $30,000 per year. The company's stock price in 2021 was $8 and $7 in 2022. The industry average earnings multiple for the mattress industry was 9 in 2022 and the free cash flow and sales multiples were 18 and 1.5, respectively. The company is publicly owned and has 1,000,000 shares of outstanding stock at the end of 2022.

Balance Sheet, December 31,
	2022	2021
Cash	$ 358,000	$ 118,000
Accounts Receivable	$ 368,000	$ 418,000
Inventory	$ 268,000	$ 318,000
Total Current Assets	$ 994,000	$ 854,000
Long-lived Assets	1,260,000	1,280,000
Total Assets	$ 2,254,000	$ 2,134,000
Current Liabilities	$ 218,000	$ 318,000
Long-term Debt	618,000	518,000
Shareholder Equity	1,418,000	1,298,000
Total Debt and Equity	$ 2,254,000	$ 2,134,000

Income Statement, for year ended December 31,
	2022	2021
Sales	$ 4,840,000	$ 4,590,000
Cost of Sales	4,172,000	4,072,000
Gross Margin	668,000	518,000
Operating Expenses	359,000	409,000
Operating Income	309,000	109,000
Taxes	123,600	43,600
Net Income	$ 185,400	$ 65,400

Cash Flow From Operations	2022	2021
Net Income	$ 185,400	$ 65,400
Plus Depreciation Expense	50,000	50,000
+ Decrease (-increase) in Accounts Receivable and Inventory	100,000	-
+ Increase (-decrease) in Current Liabilities	(-100,000)	-
Cash Flow from Operations	$ 235,400	$ 115,400

The inventory turnover ratio for 2022 is (rounded):