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Use the following information to answer this question. Windswept, Inc. 2010 Income Statement ($ in millions) Net sales $ 8,750 Less: Cost of goods sold

Use the following information to answer this question.

Windswept, Inc. 2010 Income Statement ($ in millions)
Net sales $ 8,750
Less: Cost of goods sold 7,230
Less: Depreciation

425

Earnings before interest and taxes $ 1,095
Less: Interest paid

82

Taxable Income $ 1,013
Less: Taxes

355

Net income

$ 658

Windswept, Inc. 2009 and 2010 Balance Sheets ($ in millions)

2009

2010

2009

2010

Cash $ 120 $ 120 Accounts payable $ 980 $ 1,055
Accounts rec. 800 700 Long-term debt 970 1,250
Inventory

1,510

1,525

Common stock $ 3,190 $ 2,900
Total $ 2,430 $ 2,345 Retained earnings

540

790

Net fixed assets

3,250

3,650

Total assets

$ 5,680

$ 5,995

Total liab. & equity

$ 5,680

$ 5,995

What is the fixed asset turnover? (use 2010 values)

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