The Lumber Division of Home Innovations Company reported the following results for a recent year Sales $8,000,000 Expenses 6,250,000 Total assets (1/1) 5,000,000 Total assets (12/31) 5,400,000 Refer to the Lumber Division What was the asset turnover ratio of the Lumber Division?
a. 1.538
b. 2.97
c. 0.650
d. 1.20
A
$8,000,000/($((5,000,000 + 5,400,000)/2) = 1.538
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