Question 49

1. Given below are comparative balance sheets and an income statement for Namekagon Corporation.

Eleva Corporation balance Sheets - 2011				Eleva Corporation Income Statement - 2011
	Dec. 31	1-Jan		For the year ended 2011
Cash	$31,200	$31,200		Sales	$457,600
Accounts receivable	93,600	75,400		Cost of Goods Sold	-275,080
Inventory	65,000	72,800		Gross profit on sales	$182,520
Equipment (net)	114,400	132,600		Operating expenses	-151,736
	$304,200	$312,000		Operating Income	$30,784
Accounts Payable	52,000	57,200		Interest Expense and income taxes	-18,200
Dividends payabl	15,600	7,800		Net income	12,584
Long Term note payable	28,600	28,600
Capital Stock $5 par	145,600	145,600
Retained Earnings	62,400	72,800
	$304,200	$312,000

All sales were made on account. Cash dividends declared during the year totaled $11,492.

Eleva Corporation's inventory turnover for 2011 is closest to:

	A.	6.67 times
	B.	3.99 times
	C.	4.15 times
	D.	94 days