Sales 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 Cost of goods sold 280,000 Gross margin $251,250 Selling and administrative expense 182,500 Operating income $68,750 Less: Income taxes (40%) 27,500 Net Income $41,250 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 Eost Mullett Manufacturing, calculate the following: 1. Average operating assets 2. Margin (round to two decimal places) 3. Turnover (round to two decimal places) 4. Return on investment (round to one decimal place)