The most recent balance sheet and income statement for Kwik Inc. are given below.

Balance Sheet (Millions of $)
Assets		2021
Cash and securities		$5,000
Accounts receivable		$22,500
Inventories		$16,700
Net fixed assets		$35,600
Total assets		$79,800
Liabilities and Equity
Accounts payable		$13,000
Accruals		$8,500
Notes payable		$10,250
Long-term bonds		$25,000
Total common equity		$23,050
Total liabilities and equity		$79,800
Income Statement (Millions of $)		2021
Sales		$50,000
(-) Operating costs excluding depreciation		($30,500)
(-) Depreciation		($4,500)
Earnings before interest and taxes (EBIT)		$15,000
(-) Interest		($3,500)
Earnings before taxes (EBT)		$11,500
Taxes		($2,875)
Net income		$8,625
Other data:
Shares outstanding (millions)		500
Common dividends (millions of $)		$4,000
Tax rate		25%
Year-end stock price		$89.76

What is the total asset turnover ratio?

		0.63x
		0.11x
		1.40x
		1.64x