A company has an asset turnover ratio of 1.55 This means:

Every $1.00 of assets in the firm generates $1.55 of profits.

Every $1.55 of assets in the firm generates $1.00 of sales.

Every $1.55 of profit in the firm comes from each $1.00 of sales.

Every $1.00 of assets in the firm generates $1.55 of sales revenue.

None of the above.