Question: Total asset turnover is calculated by dividing: (Points : 2) 1. Gross profit by average total assets 2. Average total assets by gross profit 3.

Total asset turnover is calculated by dividing: (Points : 2)

1. Gross profit by average total assets

2. Average total assets by gross profit

3. Net sales by average total assets

4. Average total assets by net sales

5. Net assets by total assets

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