Calculating Average Operating Assets, Margin, Turnover, and Return on Investment Springmount earned operating income last year as shown in the following income statement: Sales $2,900,000 Cost of goods sold 2,100,000 800,000 Selling and administrative expense 650,000 Operating income $ 150,000 At the beginning of the year, the value of operating assets was $1,450,000. At the end of the year, the value of operating assets was $1,050,000. Round your answers to two decimal places, when rounding is required. Required: Gross margin For Springmount, calculate: 1. Margin 90 2. Average operating assets 3. Turnover 4. Return on investment 90