Following Are the Financial Statements for Starman Corporation for the Year

question 111

Multiple Choice

Following are the financial statements for Starman Corporation for the year ended December 31,20xx.Assume that all balance sheet amounts represent both average and ending figures. Starman Corporation
Balance Sheet
December $31,20 x x$
$\begin{array}{lrr}\text { Assets }\\\text { Cash } & \$ 20,000 \\\text { Marketable securities } & 30,000 \\\text { Accounts receivable } & 50,000 \\\text { Inventory } & 100,000 \\\text { Long-term receivables } & 35,000 \\\text { Property, plant, and equipment } & 65,000\\\text { Total assets }&\$300,000\\\\\text { Liabilities and Stockholders' Equity }\\\text { Current liabilities } & \$ 100,000 \\\text { Long-term liabilities } & 60,000 \\\text { Stockholders' equity } & 140,000\\\text { Total liabilities and stockholders' equity }&\$300,000\end{array}$ $\begin{array}{c}\text {Starman Corporation}\\\text { Income Statement }\\\text {For the Year Ended December \( 31,20 \times\times \) }\\\\\begin{array}{lr}\text { Net sales } & \$ 400,000 \\\text { Cost of goods sold } & 240,000 \\ \text { Gross margin } & \$ 160,000 \\\text { Operating expenses } & 40,000 \\\text { Income before income taxes } & \$ 120,000 \\\text { Income taxes expense } & 30,000 \\\text { Net income } & \$ 90,000\end{array}\end{array}$
What is the inventory turnover for this corporation? Round your answer to one decimal place.

• A) 1.2 times
• B) 1.6 times
• C) 2.4 times
• D) 4.0 times

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Definitions:

Johnson's Rule

A scheduling rule used for minimizing job lateness and optimizing job sequencing in a manufacturing process.

Makespan

The total time required to complete a group of jobs on a production schedule, from start to finish.

FCFS

First Come, First Served, a principle or method used in various contexts where services or resources are provided to the first requestor in the order they are received.

EDD

Expected due date, commonly used in project management and logistics to plan and prioritize tasks based on their deadlines.