The Amos Corporation reported the following income statement…

Questions

The Amоs Cоrpоrаtion reported the following income stаtement аnd balance sheet amounts and additional information for the end of the current year.       End of current year End of prior year Net sales revenue (all credit) $1,320,000   Cost of goods sold $825,000   Gross profit $495,000   Selling/general expenses $280,000   Interest expense $42,000   Net Income $173,000         Current assets $113,000 $82,000 Long-term assets $512,000 $440,000 Total assets $625,000 $522,000 Current liabilities $57,000 $52,000 Long-term liabilities $275,000 $245,000 Common stockholders' equity $293,000 $225,000 Total liabilities and stockholders' equity $625,000 $522,000   Inventory and prepaid expenses account for $30,000 of the current year's current assets. Average inventory for the current year is $38,250. Average net accounts receivable for the current year is $45,000. There are 35,000 shares of common stock outstanding. Total dividends paid during the current year were $17,000. The market price per share of common stock is $20.   What is the inventory turnover for the current year?