The following information pertains to Obi-Wan Company. Assume that all balance sheet amounts represent both...
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The following information pertains to Obi-Wan Company. Assume that all balance sheet amounts represent both average and ending balance figures. Assume that all sales were on credit. Assets Cash and short-term investments $ 40,000 Accounts receivable (net) 25,000 Inventory 20,000 Property, plant and equipment 210.000 Total Assets $295,000 Liabilities and Stockholders' Equity Current liabilities $ 60,000 Long-term liabilities 85,000 Stockholders' equity-common 150.000 Total Liabilities and Stockholders' Equity $295.000 Income Statement Sales revenue $ 85,000 Cost of goods sold 45.000 Gross margin 40,000 Operating expenses 20.000 Net income $ 20.000 Number of shares of common stock 6,000 Market price of common stock $20 Dividends per share on common stock 0.90 Cash provided by operations $30,000 What is the inventory turnover for this company? 0 1 time 0 2.25 times O .44 times O 2 times
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