E10-17 Computing and Interpreting the Fixed Asset Turnover Ratio from a Financial Analyst’s Perspective The following data were included in a recent Apple Inc. annual report (in millions):

Required: 1. Compute Apple’s fixed asset turnover ratio for 2002, 2004, and 2006 (the even years). Round your answers to one decimal place. 2. If you were a financial analyst, what would you say about the results of your analyses?

2007 2006 2005 2004 2003 2002 2001 Net sales $24,006 $19,315 $13,931 $8,279 $6,207 $5,742 $5,363 Net property, plant, and equipment 1,832 1,281 817 707 669 669 564