Question: Use the following information to answer this question. Windswept, Inc. 2017 Income Statement ($ in millions) Net sales $ 14,450 Cost of goods sold 8,200

Use the following information to answer this question.

Windswept, Inc. 2017 Income Statement ($ in millions)
Net sales $ 14,450
Cost of goods sold 8,200
Depreciation 520
Earnings before interest and taxes $ 5,730
Interest paid 110
Taxable income $ 5,620
Taxes 1,967
Net income $ 3,653

Windswept, Inc. 2016 and 2017 Balance Sheets ($ in millions)
2016 2017 2016 2017
Cash $ 310 $ 340 Accounts payable $ 2,020 $ 2,000
Accounts rec. 1,210 1,110 Long-term debt 1,120 1,440
Inventory 2,150 1,810 Common stock 3,460 3,090
Total $ 3,670 $ 3,260 Retained earnings 700 950
Net fixed assets 3,630 4,220
Total assets $ 7,300 $ 7,480 Total liab. & equity $ 7,300 $ 7,480

What is the fixed asset turnover for 2017?

A) 4.43 times

B) 1.93 times

C) 3.42 times

D) .29 times

E) 2.26 times

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