eBook 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: $531,250 Sales 280,000 Cost of goods sold $251,250 Gross margin 192,300 Selling and administrative expense $58,950 Operating income 23,580 Less: Income taxes (40%) $35,370 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: 425,000 For East Mullett Manufacturing, calculate the following: 1. Average operating assets 2. Margin (round to two decimal places) 6.66 X 4 1.25 3. Turnover (round to two decimal places) 8.3 X 46 4. Return on investment (round to one decimal place)