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 $531,250 280,000 Cost of goods sold Gross margin $251,250 Selling and administrative expense 189,000 Operating income $62,250 Less: Income taxes (@40%) 24,900 Net income $37,350 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 $425,000 2. Margin (round to two decimal places) 3. Turnover (round to two decimal places) 47.29 x % 1.25 14.64 % 4. Return on investment (round to one decimal place)