The following data were disclosed in the annual reports of Apple Inc., which designs, manufactures, and markets mobile communication and media devices, personal computers, and portable digital music players. Its products include Mac, iPod, iPhone, and iPad, among others.

Required:
1. Compute Apple€™s fixed asset turnover ratio for the four years 2009 through 2012.
2. How might a financial analyst interpret the results?

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(in millions of US dollars) Net sales ar)$156.501090240 $25 20 4000 2008 $156,509 $108,249 $65,225 $42,905 $37,491 2,455 2012 2011 Net property, plant, and equipment 15.452 7,777 4,768 2,954