a. If a firm's assets of $11,500 represent 220 days' sales, what is its annual sales? Assume a 365-day year. Annual sales b. What is its asset turnover ratio? (Round your answer to 3 decimal places.) Asset turnover ratio Sara Togas sells all its output to Federal Stores. The following table shows selected financial data, in millions, for the two firms: Interest Assets at Start Sales Payment Net Income of Year Federal Stores $118 $22 $28 $68 Sara Togas 38 19 22 29.0 Assume tax rate is 35% a. Calculate the sales-to-assets ratio, the operating profit margin, and the return on assets for the two firms. (Do not round intermediate calculations. Round the sales-to-assets ratio answers to 2 decimal places. Enter the operating profit margin and return on assets answers as a percent rounded to 2 decimal places.) Federal Stores Sara Togas Sales-to-assets ratio Operating profit margin Return on assets % % 96 b. Now assume that the two companies merge. If Federal continues to sell goods worth $118 million, how will the three ratios change? (Do not round intermediate calculations. Round the sales-to-assets ratio answer to 2 decimal places. Enter the operating profit margin and return on assets answers as a percent rounded to 2 decimal places.) Merged Firm Sales-to-assets ratio Operating profit margin Return on assets