Lok Company reports net sales of $5,856,480 for Year 2 and $8,679,690 for Year 3. End-of-year balances for total assets are Year 1, $1,686,000; Year 2, $1,800,000; and Year 3, $1,982,000. (1) Compute Lok's total asset turnover for Year 2 and Year 3. (2) Lok's competitor has a Total Asset Turnover of 3.0 during Year 3. Is Lok performing better or worse than its competitor on the basis of total asset turnover? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute Lok's total asset turnover for Year 2 and Year 3. Total asset turnover Choose Numerator: Choose Denominator: Total asset turnover %3D Cost of goods sold I Average total assets Total asset turnover Year 2 2$ 2 Year 3 $ < Required 1 Required 2 >

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Lok Company reports net sales of $5,856,480 for Year 2 and $8,679,690 for Year 3. End-of-year balances for total assets are Year 1,
$1,686,000; Year 2, $1,800,000; and Year 3, $1,982,000.
(1) Compute Lok's total asset turnover for Year 2 and Year 3.
(2) Lok's competitor has a Total Asset Turnover of 3.0 during Year 3. Is Lok performing better or worse than its competitor on the basis
of total asset turnover?
Complete this question by entering your answers in the tabs below.
Required 1
Required 2
Compute Lok's total asset turnover for Year 2 and Year 3.
Total asset turnover
Choose Numerator:
Choose Denominator:
Total asset turnover
%3D
Cost of goods sold
I Average total assets
Total asset turnover
Year 2
$
2
%3D
Year 3
$
2
=
< Required 1
Required 2 >
Transcribed Image Text:Lok Company reports net sales of $5,856,480 for Year 2 and $8,679,690 for Year 3. End-of-year balances for total assets are Year 1, $1,686,000; Year 2, $1,800,000; and Year 3, $1,982,000. (1) Compute Lok's total asset turnover for Year 2 and Year 3. (2) Lok's competitor has a Total Asset Turnover of 3.0 during Year 3. Is Lok performing better or worse than its competitor on the basis of total asset turnover? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute Lok's total asset turnover for Year 2 and Year 3. Total asset turnover Choose Numerator: Choose Denominator: Total asset turnover %3D Cost of goods sold I Average total assets Total asset turnover Year 2 $ 2 %3D Year 3 $ 2 = < Required 1 Required 2 >
Lok Company reports net sales of $5,856,480 for Year 2 and $8,679,690 for Year 3. End-of-year balances for total assets are Year 1,
$1,686,000; Year 2, $1,800,000; and Year 3, $1,982,000.
(1) Compute Lok's total asset turnover for Year 2 and Year 3.
(2) Lok's competitor has a Total Asset Turnover of 3.0 during Year 3. Is Lok performing better or worse than its competitor on the basis
of total asset turnover?
Complete this question by entering your answers in the tabs below.
Required 1
Required 2
Lok's competitor has a Total Asset Turnover of 3.0 during Year 3. Is Lok performing better or worse than its competitor on the
basis of total asset turnover?
Is Lok performing better or worse than its competitor on the basis of total asset turnover?
< Required 1
Required 2 >
Transcribed Image Text:Lok Company reports net sales of $5,856,480 for Year 2 and $8,679,690 for Year 3. End-of-year balances for total assets are Year 1, $1,686,000; Year 2, $1,800,000; and Year 3, $1,982,000. (1) Compute Lok's total asset turnover for Year 2 and Year 3. (2) Lok's competitor has a Total Asset Turnover of 3.0 during Year 3. Is Lok performing better or worse than its competitor on the basis of total asset turnover? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Lok's competitor has a Total Asset Turnover of 3.0 during Year 3. Is Lok performing better or worse than its competitor on the basis of total asset turnover? Is Lok performing better or worse than its competitor on the basis of total asset turnover? < Required 1 Required 2 >
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