Assume the following data were included in a recent Apple Inc. annual report (in millions):

                                                                                           2017               2018                      2019                 2020 

Net sales                                                                              $ 15,531      $ 20,915         $ 25,606              $ 34,079 

Net property, plant, and equipment                                 657                   1,121            1,672                  2,295 

Required: 

Compute Apple’s fixed asset turnover ratio for 2018, 2019, and 2020. 

Answer rating: 100% (QA)

Lets calculate the fixed asset turnover ratio for each year 2018 Average Net Property Plant and Equi... View the full answer