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 Selling and administrative expense $251,250 180.800 Operating income $70,450 Less: Income taxes (40%) 28,180 Net income $42.270 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) 7.96 X 9 3. Turnover (round to two decimal places) 531,250 X 4. Return on investment (round to one decimal place 9.9