Calculating Average Operating Assets, Margin, Turnover, and Return on Investment East Mullett Manufacturing earned operating income last year as shown in the following income statement: $531,250 280,000 $251,250 Sales Cost of goods sold Gross margin Selling and administrative expense Operating income Less: Income taxes (@ 40%) 186,400 $64,850 25,940 Net income $38,910 At the beginning of the year, the value of operating assets was $390,000. At the end of the year, the value of operating assets was $460,000. Required: For East Mullett Manufacturing, calculate the following: 1. Average operating assets 2. Margin (round to two decimal places) 3. Turnover (round to two decimal places) 4. Return on investment (round to one decimal place) % III %