Calculating Average Operating Assets, Margin, Turnover, and Return on Investment Barnard Manufacturing earned operating income last year as shown in the following income statement: Sales Cost of goods sold $4,000,000 2,100,000 $1,900,000 Selling and administrative expense ,100,000 800,000 320,000 $480,000 Gross margin Operating income Less: Income taxes (@ 40%) Net income At the beginning of the year, the value of operating assets was $2,700,000. At the end of the year, the value of operating assets was $2,300,000 Required: For Barnard Manufacturing, calculate 1. Average operating assets 2. Margin 3. Turnover 4. Return on investment