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Deflorio Corporation’s inventory at the end of Year 2 was $184,000 and its inventory at the...

Deflorio Corporation’s inventory at the end of Year 2 was $184,000 and its inventory at the end of Year 1 was $172,000. The company’s total assets at the end of Year 2 were $1,566,000 and its total assets at the end of Year 1 were $1,462,000. Sales amounted to $1,610,000 in Year 2.The company’s total asset turnover for Year 2 is closest to:

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Answer #1
Total asset turnover = Sales / Average total assets
= $       16,10,000 / $       15,14,000
=                      1.06
Working;
Total Assets at the end of Year 1 a $       14,62,000
Total Assets at the end of Year 2 b $       15,66,000
Total c=a+b $       30,28,000
Average d=c/2 $       15,14,000
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