Lok Co. reports net sales of $5,856,480 for 2012 and $8,679,690 for 2013. End-of-year balances for total
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Lok Co. reports net sales of $5,856,480 for 2012 and $8,679,690 for 2013. End-of-year balances for total assets are 2011, $1,686,000; 2012, $1,800,000; and 2013, $1,982,000.
(a) Compute Lok's total asset turnover for 2012 and 2013.
(b) Comment on Lok's efficiency in using its assets if its competitors average a total asset turnover of 3.0.
Asset TurnoverAsset turnover is sales divided by total assets. Important for comparison over time and to other companies of the same industry. This is a standard business ratio.
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