Question: Use the following information to answer this question. Windswept, Inc. 2017 Income Statement ($ in millions) Net sales $ 13,250 Cost of goods sold 8,000
Use the following information to answer this question.
| Windswept, Inc. 2017 Income Statement ($ in millions) | |||
| Net sales | $ | 13,250 | |
| Cost of goods sold | 8,000 | ||
| Depreciation | 500 | ||
| Earnings before interest and taxes | $ | 4,750 | |
| Interest paid | 102 | ||
| Taxable income | $ | 4,648 | |
| Taxes | 1,627 | ||
| Net income | $ | 3,021 | |
| Windswept, Inc. 2016 and 2017 Balance Sheets ($ in millions) | |||||||||||||
| 2016 | 2017 | 2016 | 2017 | ||||||||||
| Cash | $ | 270 | $ | 300 | Accounts payable | $ | 1,860 | $ | 1,820 | ||||
| Accounts rec. | 1,130 | 1,030 | Long-term debt | 1,080 | 1,400 | ||||||||
| Inventory | 2,030 | 1,750 | Common stock | 3,380 | 3,050 | ||||||||
| Total | $ | 3,430 | $ | 3,080 | Retained earnings | 660 | 910 | ||||||
| Net fixed assets | 3,550 | 4,100 | |||||||||||
| Total assets | $ | 6,980 | $ | 7,180 | Total liab. & equity | $ | 6,980 | $ | 7,180 | ||||
What is the fixed asset turnover for 2017?
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