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 Sales Cost of goods sold $531,250 280,000 $251,250 191,100 $60,150 24,060 $36,090 Gross margin Selling and administrative expense Operating income Less: Income taxes (@ 40%) Net income 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)