A total asset turnover ratio of 4.5 indicates that: Multiple Choice For every $1 in sales, the firm acquired $4.5 in assets during the period. For every $1 in assets, the firm produced $4.5 in net sales during the period. For every $1 in assets, the firm earned gross profit of $4.5 during the period. For every $1 in assets, the firm earned $4.5 in net income. For every $1 in assets, the firm paid $4.5 in expenses during the period