Selected Data from Sheridan Corporation's Year-End Financial Statements Are Presented

Multiple Choice

Selected data from Sheridan Corporation's year-end financial statements are presented below.The difference between average and ending inventory is immaterial. $\begin{array}{ll}\text { Current Ratio } & 2.0 \\\text { Aoid-Test Ratio } & 1.5 \\\text { Current Liabilities } & \$ 120,000 \\\text { Inventory Turnover } & 8 \text { times } \\\text { Gross Profit Margin } & 40 \% \\\text { Prepaid Expenses } & \$ 0\end{array}$ What were Sheridan's sales for the year?

A) $240,000.
B) $480,000.
C) $800,000.
D) $1,200,000.