Reference no: EM132537348
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:
Sales $531,250
Cost of goods sold 280,000
Gross margin $251,250
Selling and administrative expense 180,900
Operating income $70,350
Less: Income taxes (@ 40%) 28,140
Net income $42,210
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 $460,000.
Required:
Question 1: For East Mullett Manufacturing, calculate the following:
1. Average operating assets$
2. Margin (round to two decimal places)%
3. Turnover (round to two decimal places)
4. Return on investment (round to one decimal place)
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