Question: Use the following information to answer this question. Windswept, Inc. 2010 Income Statement ($ in millions) Net sales $ 12,650 Less: Cost of goods sold
| Use the following information to answer this question. |
| Windswept, Inc. 2010 Income Statement ($ in millions) | |
| Net sales | $ 12,650 |
| Less: Cost of goods sold | 7,900 |
| Less: Depreciation | 490 |
| Earnings before interest and taxes | $ 4,260 |
| Less: Interest paid | 98 |
| Taxable Income | $ 4,162 |
| Less: Taxes | 1,457 |
| Net income | $ 2,705 |
| Windswept, Inc. 2009 and 2010 Balance Sheets ($ in millions) | |||||
| 2009 | 2010 | 2009 | 2010 | ||
| Cash | $ 250 | $ 280 | Accounts payable | $ 1,780 | $ 1,730 |
| Accounts rec. | 1,090 | 990 | Long-term debt | 1,060 | 1,380 |
| Inventory | 1,970 | 1,720 | Common stock | $ 3,340 | $ 3,030 |
| Total | $ 3,310 | $ 2,990 | Retained earnings | 640 | 890 |
| Net fixed assets | 3,510 | 4,040 | |||
| Total assets | $ 6,820 | $ 7,030 | Total liab. & equity | $ 6,820 | $ 7,030 |
| What is the fixed asset turnover? (use 2010 values) |
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