Exercise 8-24 (Static) Computing and analyzing asset turnover LO A1 Lok Company reports net sales of $5,856,480 for Year 2 and $8,679,690 for Year 3 . End-of-year balances for total assets are Year 1 , $1,686,000; Year 2,$1,800,000; and Year 3,$1,982,000. (1) Compute Lok's total asset turnover for Year 2 and Year 3. (2) Lok's competitor has a Total Asset Tumover of 3.0 during Year 3. Is Lok performing better or worse than its competitor on the basis: of total asset turnover? Complete this question by entering your answers in the tabs below. Compute Lok's total asset tumever for Year 2 and Year 3. Exercise 8-24 (Static) Computing and analyzing asset turnover LO A1 Lok Company reports net sales of $5,856,480 for Year 2 and $8,679,690 for Year 3 . End-of-year balances for total assets are Year 1 . $1,686,000; Year 2,$1,800,000; and Year 3,$1,982,000 (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 basis of total asset turnover? Complete this question by entering your answers in the tabs below. 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 turnover