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Use the following information to answer this question. Windswept, Inc. 2010 Income Statement ($ in millions) Net sales $ 9,850 Less: Cost of goods sold

Use the following information to answer this question.

Windswept, Inc. 2010 Income Statement ($ in millions)
Net sales $ 9,850
Less: Cost of goods sold 7,850
Less: Depreciation

360

Earnings before interest and taxes $ 1,640
Less: Interest paid

96

Taxable Income $ 1,544
Less: Taxes

463

Net income

$ 1,081

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

2009

2010

2009

2010

Cash $ 260 $ 280 Accounts payable $ 1,510 $ 1,772
Accounts rec. 1,070 970 Long-term debt 1,050 1,238
Inventory

1,740

1,640

Common stock $ 3,320 $ 3,010
Total $ 3,070 $ 2,890 Retained earnings

630

880

Net fixed assets

3,440

4,010

Total assets

$ 6,510

$ 6,900

Total liab. & equity

$ 6,510

$ 6,900

Windswept, Inc. has 530 million shares of stock outstanding. Its price-earnings ratio for 2010 is 24. What is the market price per share of stock?

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