Question: Use the following information to answer this question. Windswept, Inc. 2010 Income Statement ($ in millions) Net sales $ 13,250 Less: Cost of goods sold

 Use the following information to answer this question. Windswept, Inc. 2010

Use the following information to answer this question. Windswept, Inc. 2010 Income Statement ($ in millions) Net sales $ 13,250 Less: Cost of goods sold 8,000 Less: Depreciation 5001 Earnings before interest and taxes $ 4,750 Less: Interest paid 102 Taxable income $ 4,6481 Less: Taxes 1,627 Net income $3,021 Windswept, Inc. 2009 and 2010 Balance Sheets ($ in millions) 2009 2010 2009 2010 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? (use 2010 values)

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