Vente had gross sales of $2,860 million and net sales of $2,730 million.Its average total assets for the period were $2,350 million.Vente's total asset turnover was
A).82
B)1.2
C)1.1
D).86
E)1.4

Question

Quizplus · Accepted Answer

Total asset turnover is calculated as net sales divided by average total assets. For Vente, this is $2,730 million / $2,350 million = 1.162, which rounds to 1.2.

Vente Had Gross Sales of $2,860 Million and Net Sales