Exercise 8-24 (Algo) Computing and analyzing asset turnover LO A1 Lok Company reports net sales of $5,604,000 for Year 2 and $7.965,000 for Year 3. End-of-year balances for total assets are Year 1, $1,563,000; Year 2, 51794,000; and Year 3, $1,905,000 (1) Compute Lok's total asset turnover for Year 2 nd Year 3. (2) Lok's competitor has a Total Asset Turnover of 3.0 during Year 3. Is Lok performing better or worse than its competitor on the basis of total asset tumover? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute Lok's total asset turnover for Year 2 and Year 3. Total Ansel Turnover Choose Numerator / Choose Denominator: - Total Asset Turnover Total asset turnover Year 2 Year 3 Red Required 2 > Exercise 8-24 (Algo) Computing and analyzing asset turnover LO A1 Lok Company reports net sales of $5,604,000 for Year 2 and $7,965,000 for Year 3. End-ofyear balonces for total assets are Year 1 $1,563,000; Year 2, $1794.000; and Year 3, $1,905,000 (1) Compute Lok's total asset turnover for Year 2 and Year 3. (2) Lok's competitor has a Total Asset Turnover of 3.0 during Year 3. Is Lok performing better or worse than its competitor on the basi of total asset turnover? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Lok's competitor has a Total Asset Turnover of 3.0 during Year 3. Is Lok performing better or worse than its competitor on the basis of total asset turnover? Is Lok performing better or worse than its competitor on the basis of total asset tumover?