The following data were included in a recent Apple Inc.

The following data were included in a recent Apple Inc. annual report ($ in millions):


2007 2009 In millions Net sales 2008 2006 $32,479 $36,537 $24,006 $19.315 Net property, plant, and equipment 1,832 2,954


Required:
1. Compute Apple's fixed asset turnover ratio for 2007, 2008, and 2009.
2. How might a financial analyst interpret theresults?

Asset Turnover
Asset turnover is sales divided by total assets. Important for comparison over time and to other companies of the same industry. This is a standard business ratio.