Chapter 10, Problem E10.27E

Computing asset turnover ratio

Learning Objective 6

Blackerby Photo reported the following figures on its December 31, 2018, income statement and balance sheet:

Net sales revenue	$441,000
	Dec. 31, 2018	Dec. 31, 2017
Cash	$ 31,000	$ 30,000
Accounts Receivable	68,000	65,000
Merchandise Inventory	80,000	79,000
Prepaid Expenses	16,000	5,000
Property, plant, and equipment, net	175,000	18,000

Compute the asset turnover ratio for 2018. Round to two decimal places.